President-elect Donald Trump has nominated Scott Bessent as his choice for the next Secretary of the Department of the Treasury.
In his announcement, Trump praised Bessent, a financial advisor and major donor to Trump's 2024 presidential campaign, calling him "widely respected as one of the world's foremost international investors and geopolitical and economic strategists."
Trump went on to describe Bessent's journey as "the American dream" and highlighted his strong support for the America First agenda. On the eve of America's 250th anniversary, Trump said Bessent would help usher in a new era for the U.S., fortifying its global economic position and ensuring the U.S. dollar remains the world's reserve currency.
Concluding his statement, Trump vowed that together, he and Bessent would "make America rich again, prosperous again, affordable again, and, most importantly, great again."
Find out more about Bessent's financial standing and career below.
Bessent has a net worth of $1 billion, according to Celebrity Net Worth.
Bessent, 62, is currently the founder of the macro investment firm Key Square Group.
A native of South Carolina, Bessent earned a bachelor's degree in political science from Yale University in 1984 before beginning his career in finance. In 1991, he joined Soros Fund Management (SFM), where he became a partner throughout the 1990s and later served as head of the London office. Bessent gained widespread recognition for betting against the British pound, a move that earned SFM $1 billion. (He repeated this success in 2013 by betting against the Japanese yen, bringing in additional profits.)
After resigning from SFM in 2000, Bessent founded a $1 billion hedge fund, which closed in 2005. He then served as a senior investment advisor at Protégé Partners, a fund-of-funds firm. Bessent returned to SFM in 2011 as chief investment officer, a role he held until 2015. He left in 2015 to establish his own firm, Key Square Group.
If confirmed by the Senate, he would become the first openly gay Secretary of the Treasury and the second openly gay Cabinet Secretary, following Pete Buttigieg.