Accounting
Trump Nominates Hedge Fund Exec Bessent to Lead Treasury Department
Donald Trump has nominated Scott Bessent, the founder of Key Square Group, a global investment firm. The 62 year-old Yale alum served as an economic advisor during Trump's first administration, and a major campaign fundraiser and donor.
Nov. 22, 2024
On Friday, President-elect Donald Trump has nominated Scott Bessent, the founder of Key Square Group, a global investment firm. The 62 year-old Yale alum served as an economic advisor during Trump’s first administration, and a major campaign fundraiser and donor.
Bessent was backed by several people on Wall Street and in Trump’s influence circle, including former NEC director Larry Kudlow, long-time adviser Steve Bannon, and Kyle Bass, the head of Hayman Capital Management. He also had the support of Vice President-elect J.D. Vance.
In the weeks since the U.S. election, several other financial professionals have been vying for consideration as Treasury Secretary, including Tennessee Senator Bill Hagerty, Howard Lutnick, and Jamie Dimon.
In late October, Trump said that Bessent was “one of the top analysts on Wall Street.”
The Secretary of the Treasury is one of the most impactful cabinet positions, with direct oversight of monetary policies, as well as oversight of the Internal Revenue Service.
He is a proponent of cryptocurrencies, and will likely help shape and implement government policies regarding these instruments and investments. In June, while Trump was still campaigning and had started to embrace crypto, Bessent said, “Crypto is about freedom and the crypto economy is here to stay.”
Bessent previously worked at Brown Brothers Harriman, Kynikos Associates and other firms, including Soros Fund Management.