Trump names billionaire Scott Bessent as Treasury secretary pick

By Free Republic | Created at 2024-11-23 01:39:04 | Updated at 2024-11-23 05:15:22 3 hours ago

Trump names billionaire Scott Bessent as Treasury secretary pick
CNN ^ | 11/22/24 | Kirsten Holmes, Sara Murray, Elisabeth Buchwald and Tami Luhby

Posted on 11/22/2024 5:31:59 PM PST by SeekAndFind

President-elect Donald Trump named billionaire Scott Bessent as his pick to serve as the next secretary of the Department of the Treasury.

“Scott has long been a strong advocate of the America First Agenda. On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World,” Trump said in a statement announcing the pick Friday, confirming CNN’s earlier reporting.

“Unlike in past Administrations, we will ensure that no Americans will be left behind in the next and Greatest Economic Boom, and Scott will lead that effort for me, and the Great People of the United States of America.”

Bessent, 62, advised Trump on economic policy on the campaign trail and is the founder of hedge fund Key Square Capital Management. Before that, he was the chief investment officer at Soros Fund Management, a hedge fund started by Democratic megadonor George Soros. He gained prominence at the firm for leading efforts to bet against the British pound and Japanese yen that netted the firm billions of dollars in profits.

A key Cabinet player, the US Treasury secretary advises the president on economic and fiscal matters, including spending and taxes. The role is seen as the top financial job in any administration and has become a trophy position for many well-heeled Wall Street donors.

If confirmed by the Senate, Bessent’s early days on the job could be even more challenging than usual as he’ll have to face pressure to address the federal debt limit and Trump campaign promises.

(Excerpt) Read more at cnn.com ...

TOPICS: Government
KEYWORDS: scottbessent; secretary; treasury

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1 posted on 11/22/2024 5:31:59 PM PST by SeekAndFind

To: SeekAndFind

Interesting career background:

https://en.m.wikipedia.org/wiki/Scott_Bessent

Bessent joined Soros Fund Management (SFM) in 1991 and was a partner there throughout the 1990s, eventually becoming the head of the London office.

In 1992, Bessent was a leading member of the team whose bet regarding the Black Wednesday collapse of the British pound garnered over $1 billion for the firm. His bet against the Japanese yen in 2013 brought additional profit.

After resigning from Soros Fund Management in 2000, Bessent founded a $1 billion hedge fund. The fund closed in 2005. Bessent has said he learned that he shouldn’t change his style or the construct of the firm because of investor preferences.

He was also a senior investment advisor at fund-of-funds Protégé Partners. Bessent returned to Soros Fund Management and served as chief investment officer from 2011 to 2015. He left in 2015 to begin a new firm, Key Square Group.

2 posted on 11/22/2024 5:35:31 PM PST by SeekAndFind

To: SeekAndFind

More interesting tidbits:

https://en.m.wikipedia.org/wiki/Scott_Bessent

Bessent resides in Charleston, South Carolina.

Bessent and his husband, former New York City prosecutor John Freeman, have two children.

In 2016, Bessent purchased the historic John Ravenel House; its restoration project was awarded the Preservation Society of Charleston’s Carolopolis Award in 2021.

3 posted on 11/22/2024 5:37:34 PM PST by SeekAndFind

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