Scott Bessent may be the first gay Senate-confirmed Cabinet member in a Republican administration, but that's probably not what he'll go down in history for as the stock market continues to tumult.
The out 62-year-old Secretary of Treasury was appointed by Donald Trump and confirmed in a Senate vote of 68-29 in January, becoming the first out LGBTQ+ person in the position and one of only a few to ever hold a Cabinet-level position confirmed by the Senate. He is second only to Pete Buttigieg, who became the first as President Joe Biden’s transportation secretary.
Here's everything to know about Bessent's background, and where his values lie.
Is Scott Bessent married?
Bessent, who is an out gay man, married former New York City prosecuting attorney John Freeman in 2011. The couple currently lives in South Carolina with their two children, who they had via surrogacy.
“In a certain geographic region at a certain economic level, being gay is not an issue," Bessent said in a 2015 interview with Yale Alumni Magazine. "What’s fantastic is now, people in the rest of America, whether blue collar or white collar, have access to everything. If you had told me in 1984 when we graduated and people were dying of Aids that 30 years later I’d be legally married and we would have two children via surrogacy, I wouldn’t have believed you.”
What is Scott Bessent's net worth?
Bessent's personal financial disclosure with the U.S. Office of Government Ethics in 2024 lists his assets as being worth at least $521 million. Other sources report that his investments appear to be worth in excess of $700 million, which he was forced to divest from in becoming Treasury Secretary due to conflict of interest.
Bessent bought his home in South Carolina, a historic mansion dubbed the "Pink Palace," for $6.5 million in 2016. The house, first built in 1848 by Huguenot planter and merchant John Ravenel, was listed for $22.25 million in November.
What is Scott Bessent's connection to George Soros?
Bessent joined the Soros Fund Management, a hedge fund founded by George Soros, as a partner in 1991. He was a leading member of the team whose bet on Black Wednesday, also known as the 1992 sterling crisis, generated over $1 billion for the firm.
Bessent left the firm in 2000 to start his own $1 billion hedge fund, which closed in 2005. He returned to SFM as chief investment officer from 2011 to 2015 before moving on to form Key Square Group in 2015 with Michael Germino, who had served as the global head of capital markets at SFM.
Who has Scott Bessent donated to?
Bessent donated to Trump and advised him on economic policy during his 2024 presidential campaign, but he also has donated to some leading Democrats. Alongside his contributions to Republican politicians and longtime friendship with JD Vance, Bessent has donated to Al Gore, Hillary Clinton, and former President Barack Obama. He even hosted a fundraising event for Gore’s presidential campaign in 2000.
What has Scott Bessent done as Treasury Secretary?
Hardly three months in, Bessent's tenure as Secretary of Treasury has been defined by his compliance in dismantling government institutions and his unwillingness to acknowledge the impact of Trump's tariffs on Americans or the stock market.
Bessent gave Elon Musk and the so-called "Department of Government Efficiency"access to the Treasury Department's payment system merely one week into Trump's term. The system annually distributes $6 trillion in payments from federal agencies and contains the personal tax information of millions.
Bessent was soon after named the acting director of the Consumer Financial Protection Bureau in February, before he immediately ordered the agency to cease all work.
Bessent drew widespread condemnation after recently responding to Trump's tariffs by warning other countries not to defend themselves. He said during an interview with Bret Baier on Fox News’ Special Report: “My advice to every country right now is: Do not retaliate. Sit back, take it in, let’s see how it goes. Because if you retaliate, there will be escalation. If you don’t retaliate, this is the high-water mark."
Bessent also dismissed the idea that working Americans would be hurt by the stock market's $6 trillion losses, which impact their retirement accounts. He said in an interview on NBC News’ Meet the Press: “I think that’s a false narrative. Americans who want to retire right now, the Americans who put away for years in their savings accounts, I think they don’t look at the day-to-day fluctuations."
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