5 Facts about Scott Bessent, the Nominee for Trump’s Treasury Secretary

President-elect Donald Trump announced on Nov. 22 that Wall Street financier Scott Bessent would be his Treasury secretary, ending weeks of speculation.

“Scott is widely respected as one of the world’s foremost international investors and geopolitical and economic strategists,” Trump said in a statement announcing the nomination. “Scott’s story is that of the American Dream.”

Bessent emerged as the top choice for the senior position, beating out other prominent names such as former Federal Reserve Board member Kevin Warsh and Apollo Wealth Management CEO Marc Rowan.

Wall Street Veteran

At 62, Bessent is the founder of the global macro investment firm Key Square Group and made a significant fortune by betting against the Japanese yen with progressive billionaire George Soros when he was the chief investment officer at Soros Fund Management a decade ago. He later left the firm to establish Key Square, which received a $2 billion investment from Soros.

Prior to joining Soros Fund Management in 1991, Bessent interned with legendary investor Jim Rogers. After graduating from Yale in 1984, he worked at Brown Brothers Harriman, Kynikos Associates, and other investment firms.

From 2006 to 2011, he served as an adjunct professor of economic history at Yale University.

Bessent is also a member of the university council at Yale and has funded three scholarships at the institution.

In 2022, Bessent established two philanthropic foundations and launched the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville, South Carolina. Bessent also supports two hospitals in New York and London.

Bessent has generally maintained a low political profile, although he did host a fundraiser for Al Gore during his 2000 presidential campaign and organized fundraising events for Trump’s campaign in 2024.

As the head of the Treasury Department, Bessent will be responsible for overseeing various portfolios, including cryptocurrency and tariffs.

Cryptocurrency Advocate

Bessent has been a vocal supporter of cryptocurrencies, particularly praising Trump’s stance on digital assets.

“I have been excited about the president’s embrace of crypto, and I think it aligns well with the Republican Party. Crypto is about freedom, and the crypto economy is here to stay,” he stated in a recent interview with Fox Business.

Bessent also highlighted Bitcoin’s appeal to younger generations and its role in attracting newcomers to financial markets.

“One of the most exciting aspects of Bitcoin is its ability to engage young people and individuals who have not previously participated in the markets,” he noted. “Fostering a market culture in the US, where people have confidence in a system that works for them, is central to capitalism.”

During his campaign, Trump promised to create a more favorable environment for Bitcoin and the crypto industry. He also proposed establishing a “bitcoin and crypto presidential advisory council” and building a national strategic reserve, aiming to make the United States the “crypto capital of the planet,” according to Trump.

Given that the treasury secretary plays a significant role in shaping regulations, Bessent could play a key role in advancing Bitcoin and the broader crypto industry’s position in both the U.S. and global financial markets.

Tariff Defender

Bessent has been generally supportive of Trump’s tariff policies, with some reservations.

Although Trump has not endorsed a specific tariff plan, his public statements have provided insight into his approach, suggesting universal tariffs ranging from 10 to 20 percent and levies of 60 to 100 percent on Chinese goods in some proposals.

Speaking on CNBC recently, Bessent described tariffs as a valuable tool but emphasized the need to implement them gradually to ensure that price increases are gradual. He suggested that disinflationary policies, such as reducing regulations, could offset these price hikes.

In an op-ed for The Economist in October, Bessent advocated for “broad-based tariffs” as a more effective strategy than microeconomic interventions like industrial policy, which rely on government intervention to choose winners and losers.

Bessent also told the Financial Times recently that Trump’s comprehensive tariffs were maximalist stances that could be moderated through discussions with trading partners.

“My general view is that in the end, he’s a free trader,” said the Trump adviser. “It’s escalate to de-escalate.”

3-Point Economic Plan

During a talk at the Manhattan Institute in June, Bessent outlined a three-point economic plan to stimulate economic growth and reduce the deficit.

“I might even advise him to campaign on three arrows,” Bessent suggested. “It would involve achieving 3 percent real economic growth, which can be attained through deregulation, increased U.S. energy production, combating inflation, and providing competence forward guidance for investments, allowing the private sector to take over from excessive government spending.” According to Bessent, his three-point proposal was inspired by the late Japanese Prime Minister Shinzo Abe’s “three arrows” economic recovery initiative, also known as “Abenomics.”

Bessent also expressed his intention to urge Trump to publicly commit to reducing the deficit to 3 percent of GDP by the end of his term. “He didn’t push us to a 6 percent or 7 percent deficit. It averaged 4 under him, so bring that down to 3,” Bessent remarked at a Manhattan Institute conference in June.

The U.S. has the largest government budget



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