Scott Bessent, the hedge fund executive selected by President-elect Donald Trump to be his Treasury Secretary, has shared his plans for stepping down from his financial investments as he prepares for this high-profile government role.
Bessent, whose financial disclosure was released on Saturday ahead of his Senate confirmation hearing on Thursday, is taking all the necessary steps to avoid any potential conflicts of interest. It’s a standard process for top officials to distance themselves from investments that could raise questions about their impartiality once they join the government.
The financier’s assets are estimated to be at least $500 million, though the true value could be much higher due to the broad ranges in the disclosure. For example, he owns a significant stake in his firm, Key Square Group, which is valued in the range of “over $50 million.”
Bessent has had a storied career in finance. He was the chief investor for the Soros Fund, where he played a part in the famous 1992 bet that made billions shorting the British pound. Over the years, he built a reputation as a trusted adviser to the financial elite, and this year, he became one of Trump’s closest financial advisors.
If confirmed, the 62-year-old would oversee the Treasury Department, shaping policies on everything from tariffs and taxes to financial regulation. Additionally, Bessent would make history as the first openly gay Treasury Secretary in U.S. history, a milestone he and his family are proud of.
In a detailed ethics agreement, Bessent outlined the steps he’s taking to ensure that his financial interests don’t interfere with his duties. He has already begun winding down his investment firm, Key Square Group, with plans to close it by March. He’s also resigning from various other positions, including his role as chairman of the investment committee at Rockefeller University.
Bessent is also selling off investments that could cause conflicts, including stakes in a Bitcoin ETF, a drug company, and a conservative publishing company. Additionally, he owns North Dakota farmland valued between $5 million and $25 million, which produces corn and soybeans, as well as a Bahamian property worth the same amount.
With a keen eye on global finance, Bessent holds over $100 million in Treasury bills, a testament to his deep involvement in the U.S. Treasury market — a critical part of the world’s financial system.
Bessent’s confirmation is expected to go smoothly, despite a lengthy selection process that saw Trump considering multiple candidates for the role. There was some competition for the Treasury Secretary spot, and even though it took longer than anticipated, Bessent’s selection ultimately prevailed.
In the coming weeks, all eyes will be on Bessent as he steps into one of the most influential roles in the U.S. government, ready to shape the future of American economics.
