Scott Bessent facts for kids
Quick facts for kids
Scott Bessent
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Bessent in 2024
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| 79th United States Secretary of the Treasury | |
| Assumed office January 28, 2025 |
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| President | Donald Trump |
| Deputy | David Lebryk (acting) Michael Faulkender (nominee) |
| Preceded by | Janet Yellen |
| Personal details | |
| Born |
Scott Kenneth Homer Bessent
August 1962 (age 62) Conway, South Carolina, U.S. |
| Spouse | John Freeman |
| Children | 2 |
| Education | Yale University (BA) |
Scott Kenneth Homer Bessent (born August 1962) is an American investor and hedge fund manager. He became the United States Secretary of the Treasury on January 28, 2025. Before this, he was a partner at Soros Fund Management and started his own investment company, Key Square Group.
Scott Bessent was a big supporter and advisor for Donald Trump's 2024 presidential campaign. In November 2024, Trump chose him to be the Secretary of the Treasury. The United States Senate approved his nomination on January 27, 2025.
He is the second openly gay man to be part of the Cabinet of the United States. He is also the highest-ranking openly gay person in American history. This is because the Secretary of the Treasury is fifth in line to become president if something happens to the President.
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Early life and education
Scott Kenneth Homer Bessent was born in August 1962 in Conway, South Carolina. He was likely the oldest of three children. His parents were Barbara and Homer Gaston Bessent Jr., who worked as a real estate agent. His family has French roots.
Bessent went to Yale University and graduated in 1984 with a degree in political science. While at Yale, he was an editor for the student newspaper, The Yale Daily News. He was also the president of a student group called Wolf's Head Society. He helped manage money for his graduating class and assisted the director of athletics.
Career
After college, Scott Bessent worked for several financial companies. He joined Soros Fund Management (SFM) in 1991. He became a partner there and later led their London office. In 1992, Bessent was part of a team that made over $1 billion for the company. They did this by betting that the British pound would lose value, which it did on a day known as "Black Wednesday." He also made a lot of money for the firm in 2013 by betting against the Japanese yen.
In 2000, Bessent left SFM to start his own investment fund. This fund managed $1 billion. It closed in 2005. Bessent later said he learned that he should stick to his own investment style. He also advised other investment funds. Bessent returned to Soros Fund Management in 2011 and became its chief investment officer until 2015. He left again in 2015 to start a new company called Key Square Group.
From 2006 to 2011, Bessent also taught economic history at Yale University.
Key Square Group
Bessent started Key Square Group in 2015 with Michael Germino. The company uses global events and economic trends to make big investments. George Soros, a famous investor, invested $2 billion to help start Key Square. By the end of 2017, Key Square managed $5.1 billion.
Key Square's main fund did well in 2016 and then again from 2021 to 2023. However, it struggled in the years between. This made some clients leave. The money managed by Key Square went down from $5.1 billion in 2017 to $577 million in 2023.
In 2018, the company returned the money from George Soros. Other investors, like Australia's national wealth fund, invested in Key Square. Bessent announced that he would leave Key Square Group when he became Treasury Secretary.
Politics
Scott Bessent has been involved in politics for a long time. In 2000, he hosted a fundraiser for Al Gore. He also donated money to Hillary Clinton and Barack Obama. In 2016, Bessent gave $1 million to help with Donald Trump's first presidential inauguration. In 2023 and 2024, he donated over $1 million to Donald Trump's 2024 campaign.
In February 2024, Bessent hosted a fundraiser in South Carolina that raised almost $7 million for Trump's campaign. In April 2024, he helped host another fundraiser in Florida that raised $50 million. In July 2024, a business magazine reported that Bessent was a key economic advisor to Trump. He suggested an economic plan for Trump that was similar to a plan used by a Japanese prime minister.
Secretary of the Treasury (2025–present)
Nomination and confirmation
On November 22, 2024, President-elect Trump announced that he wanted Scott Bessent to be the United States Secretary of the Treasury in his second term. Bessent is the first openly gay Secretary of the Treasury. He is also the second openly gay man to serve in the Cabinet of the United States. Because the Secretary of the Treasury is fifth in line to the presidency, he is the highest-ranking openly gay person in American history.
Bessent spoke to the United States Senate Committee on Finance on January 16, 2025. During this meeting, he talked about his plans. He supported taxes on imported goods and extending tax cuts. He also wanted stronger economic policies against China and Russia.
The Senate Committee on Finance approved his nomination on January 21, 2025. The full United States Senate then voted 68–29 to approve him on January 27.
Scott Bessent officially became the 79th Secretary of the Treasury on January 28, 2025. He was sworn in by Supreme Court Justice Brett Kavanaugh.
Social engagement
Board memberships
Scott Bessent is on the university council at Yale University. He and his sister donated the Bessent Library to Yale. Bessent has also created three scholarships at Yale. These scholarships help students who are the first in their family to go to college, students from South Carolina, and students from the Bronx.
Bessent also helped lead the investment committee for the board of trustees at Rockefeller University. He used to be on the board of God's Love We Deliver, an organization that provides meals for people who are homebound due to illness. He is also a trustee for a historical preservation group and a member of the Council on Foreign Relations.
Philanthropy
In 2022, Bessent started two foundations. He also helped create the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville, South Carolina. He supports the Prince's Trust in London and the Harlem Children's Zone in New York City. Bessent has also helped restore the Nathaniel Russell House, a historic building in Charleston, South Carolina.
Personal life
Scott Bessent lives in Charleston, South Carolina. He belongs to the Huguenot Church, which his ancestors helped build in 1680. Bessent and his husband, John Freeman, have two children.
In 2016, Bessent bought a historic house in Charleston known as the "Pink Palace." He worked to restore the building, and this project won an award in 2021. The mansion is located on Battery Street in Charleston. In November 2024, the house was listed for sale.
See also
In Spanish: Scott Bessent para niños
