According to Bloomberg News on November 23, Trump has nominated Scott Bessent, who runs the macro hedge fund Key Square Group, to be the next U.S. Secretary of the Treasury, and has hired a key advisor to manage the comprehensive economic agenda he vows to implement in his second term.
If approved by the U.S. Senate, Scott Bessent will become the first openly gay Secretary of the Treasury in U.S. history, as well as one of the wealthiest Secretaries of the Treasury in modern times. Scott Bessent has stated that he has always wanted to serve the country, but in the 1980s, his sexual orientation prevented him from entering the U.S. Naval Academy, and after graduating from Yale University, he was also unable to join the State Department. As the nation's top economic policymaker, Scott Bessent will have to navigate Washington's political disputes, lead international economic diplomacy, and apply Wall Street experience to crisis management. He will also be closely watched by investors and financial institutions, as they seek to see predictability and stability in the economy.
Scott Bessent once managed funds for billionaire George Soros. During Scott Bessent's tenure as chief investment officer, Soros's family office made a profit of approximately $10 billion, with an annualized return of about 13%. He later started managing Key Square, which was initially invested in by Soros with $2 billion, and later returned that money as other investors joined.