Official announcement from the U.S. Senate or credible news outlets

Scott Bessent, $521M Asset Holder, Faces January 15th Hearing as Trump’s Treasury Nominee

Jan 15, 2025, 06:50 AM

Scott Bessent, a hedge fund executive and former chief investment officer for Soros Fund Management, has been nominated by President-elect Donald Trump to serve as the next U.S. Treasury Secretary. Bessent, who is set to replace Janet Yellen on January 20th, disclosed assets worth at least $521 million in a recent financial filing. He has pledged to resign from his current role at Key Square Group and sell his stake if confirmed. Bessent's career includes significant roles in major financial events, such as the 1992 Black Wednesday, the 1997 Asian Financial Crisis, and the 2013 Japanese yen intervention. He has also invested in the iShares Bitcoin Trust ETF. Despite being relatively unknown in Republican political circles, Bessent gained support from both MAGA populists and Wall Street, solidifying his position as a key figure in Trump's administration. His Senate confirmation hearing is scheduled for January 15th.