President-elect Donald Trump is expected to nominate hedge fund CEO Scott Bessent as Treasury secretary, a source familiar with the matter told CBS News.
The founder of Connecticut-based hedge fund Key Square Group, Bessent, 62, had lobbied across the board to the position to Trump, according to a source deeply involved in transition planning.
Trump called Bessent a “nice guy” and “one of the brightest men on Wall Street.” Bessent joked on Fox News that he was in “violent agreement” with Trump on the matter.
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The mission of the Treasury is to maintain a strong economy and promote economic conditions that enable both growth and stability of the United States. The department is also responsible for managing U.S. finances and combating national security threats by protecting the integrity of the financial system.
Bessent, like Trump, advocates tariffs, seeing them as a way to raise revenue and protect American industries.
He previously worked for conservative George Soros for nearly a decade in the 1990s and was at one point executive director of Soros’ hedge fund.
Bessent is also openly gay and he and his husband, former New York prosecutor John Freeman, have two children. If confirmed, Bessent would be the first gay, Senate-confirmed member of a Republican administration. Ric Grenell was acting director of national intelligence under Trump, but the Senate never confirmed him.
A native of South Carolina, Bessent graduated from Yale University.
The Secretary of the Treasury is a Senate-confirmed position. Janet Yellen is the current Treasury Secretary under President Biden.
This is a developing story and will be updated.
