Scott Bessent, nominated by US President-elect Donald Trump to head the Treasury Department, walks to the New York Stock Exchange (NYSE) on this day US President-elect Donald Trump opens the New York Stock Exchange to celebrate his nomination. We are planning to ring the bell. Time Magazine Person of the Year, New York City, New York, USA, December 12, 2024.
Adam Gray | Reuters
Scott Bessent, the investor chosen by President-elect Donald Trump to be Treasury Secretary, plans to exit Key Square Group’s hedge fund and other investments, according to a letter to the Treasury Department’s Office of Ethics. has become clear.
According to the letter, Bessent outlined steps he would take to “avoid any actual or apparent conflicts of interest if I were confirmed to serve as Secretary of the Treasury.”
On Nov. 23, he was nominated by President Trump to lead U.S. economic policy, and announced that he would be stepping down from his role at the Bessent Freeman Family Foundation.
The New York Times, which first reported Bessent’s sale, said he also plans to close the investment firm he founded, Key Square Capital Management.
Reuters reported in November that Key Square could be downsized, sold or put into “sleep mode” if Bessent takes over.
A spokesperson for Bessent declined to comment.
The U.S. Senate Finance Committee announced Friday that it will hold a nomination hearing for Bessent on January 16th.
On Friday, President Trump reiterated the financial arrangements he made during his first term, handing over day-to-day management of his multibillion-dollar real estate, hotel, golf, media and licensing portfolios to his children when he entered the White House.
