BBC - Donald Trump has chosen his candidate for one of the most important posts in his administration. Donald Trump would like to see Scott Bessent, a billionaire investor and his economic adviser, as the new Secretary of the Treasury. “My administration will restore the freedom, strength, stability and efficiency of capital markets. We will revive the private sector and help curb the unsustainability of the federal debt,” Trump wrote when announcing his nomination for possible Treasury Secretary. Scott Bessent is a native of South Carolina. He graduated from Yale University and began his career at Brown Brothers Harriman, one of the oldest investment firms in the United States.
He rose to fame in the 1990s when he bet against the British pound and the Japanese yen. During this time, Bessent worked for George Soros, a major donor to the Democratic Party. In 2011, Bessent was hired by Soros as chief investment officer of his Soros Fund Management. Four years later, Bessent founded his own fund, Key Square Capital Management. He also taught economic history at Yale University, was a member of the Council on Foreign Relations and a trustee of the Rockefeller Institute. Once a major donor to the Democratic Party, in 2024 Bessent unconditionally supported Trump and his economic policies. On the campaign trail, he told voters that Trump would usher in “a new golden age of deregulation, cheap energy and low taxes.”
He rose to fame in the 1990s when he bet against the British pound and the Japanese yen. During this time, Bessent worked for George Soros, a major donor to the Democratic Party. In 2011, Bessent was hired by Soros as chief investment officer of his Soros Fund Management. Four years later, Bessent founded his own fund, Key Square Capital Management. He also taught economic history at Yale University, was a member of the Council on Foreign Relations and a trustee of the Rockefeller Institute. Once a major donor to the Democratic Party, in 2024 Bessent unconditionally supported Trump and his economic policies. On the campaign trail, he told voters that Trump would usher in “a new golden age of deregulation, cheap energy and low taxes.”
Bessent is an ardent supporter of the crypto industry. If his candidacy is approved by the Senate, then Bessent has every chance of becoming the first finance minister to openly support cryptocurrencies. In an interview with Fox News over the summer, he said that cryptocurrencies fit perfectly into the spirit of the Republican Party. “Crypto is freedom,” Bessent said.
Economists note that the new finance minister will have to face serious challenges. In particular, it is his department that is responsible for enforcing the sanctions policy against Russia. And if Trump starts new trade wars with China, Mexico or Europe, Bessent will have to calm financial markets.
Despite his unconditional loyalty to Trump, many call Bessent a moderate candidate. After the election, he suggested that Trump's tax proposals should be discussed in Congress and said that any tariff changes should be phased in so that the "price adjustment" could be gradually absorbed by the economy. “President Trump has some very good ideas,” Bessent said. “But I guarantee you the last thing he wants is to cause inflation.”
Economists note that the new finance minister will have to face serious challenges. In particular, it is his department that is responsible for enforcing the sanctions policy against Russia. And if Trump starts new trade wars with China, Mexico or Europe, Bessent will have to calm financial markets.
Despite his unconditional loyalty to Trump, many call Bessent a moderate candidate. After the election, he suggested that Trump's tax proposals should be discussed in Congress and said that any tariff changes should be phased in so that the "price adjustment" could be gradually absorbed by the economy. “President Trump has some very good ideas,” Bessent said. “But I guarantee you the last thing he wants is to cause inflation.”
