Hedge fund mogul Scott Bessent, a pro-tariff Wall Street veteran and former colleague of Democratic megadonor George Soros, is set to become a key figure in shaping the Trump economy. Bessent has been nominated by Trump to serve as Treasury Secretary, following a high-profile power struggle for the position.
Trump announced Bessent’s nomination on Friday evening, stating, “Scott will support my policies that will drive U.S. competitiveness and stop unfair trade imbalances.”
A South Carolina native and 1984 Yale University graduate, the 62-year-old Bessent founded the hedge fund Key Square Management, which managed less than $600 million in assets as of the end of 2023.
Bessent’s career includes working for Soros from 1991 to 2000, eventually becoming the firm’s head of European allocation. He returned to Soros from 2011 to 2015 as the fund’s chief investment officer before leaving again to run Key Square with a $2 billion investment from Soros. According to the Wall Street Journal, Bessent hasn’t spoken to Soros “in years.”
As a key advisor to Trump on economic policy, Bessent donated approximately $3 million to Trump and other Republican causes this election cycle. In an interview with Forbes last week, Bessent praised Trump as “very sophisticated on economic policy” compared to the “economic illiterate” Harris.
Sen. Lindsey Graham, R-S.C., expressed strong support for Bessent’s nomination, telling Semafor on Thursday that he had spoken to Trump’s transition team about appointing Bessent to the top economic post.
In a column published on Nov. 15 by Fox News, Bessent defended tariffs, describing them as a “negotiating tool with our trading partners.” He dismissed criticism of the tariffs as “absurd,” highlighting the potential for increased revenue for the U.S. Treasury, the department he may soon lead.