Meet Scott Bessent: The Billionaire Investor Who Might Lead the Treasury

Scott Bessent, a billionaire investor, has been chosen by President-elect Trump to lead the Treasury Department. This is a surprising move, given Bessent's history of supporting Democratic candidates and working for George Soros, a prominent Democratic donor. However, Bessent has been in Trump's circle for years and is close to Vice President-elect JD Vance. Bessent made his fortune as the founder of the hedge fund Key Square Group. Before that, he worked for Soros, helping him make a $1 billion profit by betting against the British pound. Bessent's experience in bond and currency markets could be very useful in Trump's administration. During Trump's campaign, Bessent often appeared on talk shows to support the president-elect's economic agenda. He is a fan of the tax cuts from Trump's first administration and wants to deregulate markets. Bessent has also proposed a plan to spark economic growth by reducing the budget deficit and increasing oil production. However, some Trump supporters are worried that Bessent might not be tough enough on tariffs. Trump has talked a lot about increasing tariffs, but he didn't mention them in his announcement about Bessent. Bessent sees tariffs as a tool to refine trade agreements and deal with currency manipulation. If confirmed, Bessent would make history as the first openly LGBTQ cabinet member in a Republican administration. He is married to John Freeman, a former New York City prosecutor.