Trump's treasury pick Bessent to divest £408m in assets
Scott Bessent, a hedge fund manager recommended by President-elect Donald Trump for Treasury Secretary, announced the withdrawal of his investments from held assets. Should the Senate approve his nomination, the hedge fund manager will oversee U.S. economic policy, including tariffs and taxes.
Scott Bessent disclosed his assets in an ethics agreement published on Saturday by the Office of Government Ethics. His hearing before the Senate Finance Committee is scheduled for Thursday at 10:00 GMT. Senior government officials are usually required to disclose and divest from assets that could lead to a conflict of interest.
The financier disclosed assets worth at least £408 million. According to the "Washington Post," his investments could be worth much more. Nine positions in his portfolio are valued at "over £41 million," including shares in his investment firm, Key Square Group.
Millionaire with Trump's portfolio
According to "Fortune" magazine, Bessent disclosed assets worth at least £425 million, including a home in the Bahamas and S&P 500 ETFs.
As anticipated, if the 62-year-old businessman is confirmed as Treasury Secretary, he will play a key role in implementing a wide range of policies presented by Trump during the election campaign. This includes new tariffs for American trade partners and changes in tax policy and financial regulations.
Bessent would also be the first openly gay Treasury Secretary in U.S. history. He and his husband are raising two children.
In the ethics agreement, Bessent outlined his steps to "avoid any actual or apparent conflict of interest in the event."
He announced he would cease operations at Key Square by the end of March. Additionally, he plans to leave a family foundation and has already resigned from his position at Rockefeller University, where he served as chairman of the investment committee.
