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Scott Bessent

Scott Bessent is an American investor and government official who became the 79th U.S. Secretary of the Treasury in January 2025. He spent much of his career at Soros Fund ManagementSoros Fund ManagementSoros Fund Management is a U.S. asset manager founded by George Soros in 1970 and headquartered in New York. It operates as a family office and serves as the principal asset manager for Open Society Foundations, investing across equity, credit and macro strategies.Open the full entry, where he ran the London office and later served as chief investment officer, and in 2015 he founded the macro hedge fund Key Square Group.

Contents24 sections
Key facts

Birth in South Carolina

Scott Kenneth Homer Bessent was born on August 21, 1962, in Conway, South Carolina.⁠[1]

His father, Homer Gaston Bessent Jr., was a real estate developer; his mother is Barbara McLeod Bessent.⁠[2]

In his 2025 confirmation testimony he said he was born and raised in the South Carolina Low Country and that his father fell into severe financial difficulty when he was young.⁠[3]

Graduation from Yale

Joining Soros Fund Management

The Bet Against the Pound

In 1992 he worked with George Soros and Stanley Druckenmiller on the firm’s bet against the British pound, a trade that earned the firm more than $1 billion.⁠[6]

Own Fund and Return to Soros

He founded and ran the hedge fund Bessent Capital from 2000 to 2005 and worked at the New York firm Protege Partners from 2007 to 2010.⁠[2]

From 2011 to 2015 he was chief investment officer of Soros Fund Management.⁠[2]

In 2011 he married John Freeman, a former New York City prosecutor; they have two children, Cole and Caroline.⁠[2]

Founding Key Square Group

In August 2015 he announced that he would leave Soros at the end of the year to start his own firm, Key Square Group, with a $2 billion investment commitment from Soros.⁠[7]

Work with the Trump Campaigns

He supported Donald Trump’s 2016 presidential run, and in the 2024 cycle he was one of the campaign’s top economic advisers as well as a leading fundraiser.⁠[6]

Named as Treasury Pick

Plan to Leave Key Square

Ethics filings released in January 2025 showed he would resign from Key Square upon confirmation and end his involvement within 90 days; Key Square Group was set to be wound down by the end of March.⁠[9]

Confirmation Hearing

In testimony to the Senate Finance Committee he argued for making the 2017 Tax Cuts and Jobs Act permanent and said “we must ensure that the U.S. dollar remains the world’s reserve currency.”⁠[3]

Confirmation and Swearing-In

On January 27, 2025, the Senate confirmed him as Treasury secretary by a vote of 68 to 29.⁠[10]

The next day Supreme Court Justice Brett M. Kavanaugh swore him in as the 79th Secretary of the Treasury.⁠[11]

U.S.–China Trade Talks in Geneva

He and U.S. Trade Representative Jamieson Greer led the U.S. side in trade talks with China in Geneva. The joint statement that followed suspended 24 percentage points of the additional U.S. tariffs for an initial 90 days, retaining 10 percent.⁠[12]

Acting IRS Commissioner

In August 2025, after Trump removed Billy Long as IRS commissioner, a White House official said Bessent would serve as acting commissioner of the IRS.⁠[13]

On March 13, 2026, the IRS announced that his service as acting commissioner under the Federal Vacancies Reform Act had expired, with IRS chief executive Frank Bisignano running day-to-day operations.⁠[14]

August–December 2025: Divestitures and Ethics Agreement

On August 11, 2025, the U.S. Office of Government Ethics told the Senate Finance Committee that he had not complied on time with certain terms of his ethics agreement, which had deadlines of April 28 and May 5, 2025; the letter did not identify the assets.⁠[15]

Reports on Mortgage Declarations

In September 2025 reports said that in 2007 he had declared homes in both Bedford Hills, New York, and Provincetown, Massachusetts, as principal residences on Bank of America mortgages; experts quoted saw no sign of wrongdoing, and no charges or findings were reported.⁠[17]

Currency Swap with Argentina

On October 9, 2025, the Treasury bought Argentine pesos and finalized a $20 billion currency swap framework with Argentina’s central bank; Bessent said the Treasury “is prepared, immediately, to take whatever exceptional measures are warranted” to stabilize markets.⁠[18]

Response on the Clash with Bill Pulte

Reports in September 2025 described a confrontation between Bessent and Federal Housing Finance Agency director Bill Pulte. At a Senate Finance hearing in June 2026 he denied threatening to punch Pulte, acknowledged saying he would “kick his a**,” and said the two had moved past it.⁠[19]

Treasury Sanctions and Regulatory Actions

On October 2, 2026, the Treasury sanctioned a Hamas financing network, including a member of its military wing, two France-based fundraisers and two entities, which it said had moved more than $2 million through sham charities and crypto assets.⁠[20]

On October 5 the Office of Foreign Assets Control removed 125 persons from sanctions lists in the third round of a sanctions modernization initiative he launched in May 2026.⁠[21]

On October 7 the Treasury announced the first civil penalty under the Outbound Investment Security Program, fining Amidi, LLC $200,000 for an unreported investment in a Chinese artificial intelligence company.⁠[22]

On October 13 the Treasury sanctioned four individuals and 11 entities linked to the horse-racing enterprise of Cartel del Noreste.⁠[23]

On October 14 the Treasury and the IRS issued proposed regulations, not yet final, that would limit Premium Tax Credit eligibility from 2027 to citizens, nationals and certain lawfully present noncitizens.⁠[24]

On October 21, under “Operation Economic Outcast,” the Treasury sanctioned a Panama- and Greece-based law firm and shipping companies tied to Iran’s shadow fleet.⁠[25]

On October 22 the Treasury proposed regulations implementing Section 1001 of the 21st Century ROAD to Housing Act, which would generally bar large institutional investors from buying single-family homes from January 7, 2027, with exceptions; the rule was open for comment.⁠[26]

Warren Letter on Treasury Yields

On October 7, 2026, Elizabeth Warren, the ranking Democrat on the Senate Banking Committee, wrote to Bessent about Treasury yields reaching their highest levels in more than two decades and about the Treasury’s bond buybacks, asking for answers by October 21.⁠[27]

Shelton Appointment and Bangkok Meetings

On October 9, 2026, he appointed economist Judy Shelton as a senior adviser in the Office of the Secretary, advising on currency policy with a focus on China.⁠[28]

Statement to the IMF and World Bank

In a written statement to IMF and World Bank ministerial committees, he urged both to return to core missions, phase out lending to countries meeting graduation criteria and back energy access: “Energy abundance sparks economic abundance.”⁠[30]

Meeting with Paraguay’s President

On October 22, 2026, he met Paraguayan President Santiago Peña to discuss the bilateral economic partnership and welcomed Paraguay’s commitment to secure and resilient critical-mineral supply chains.⁠[31]

Philanthropy and Trusteeships

His Treasury biography says he has been a Rockefeller UniversityThe Rockefeller UniversityThe Rockefeller University is a biomedical research university on Manhattan’s Upper East Side in New York City, devoted mainly to scientific research and graduate education; it grew out of the Rockefeller Institute for Medical Research founded by John D. Rockefeller.Open the full entry trustee, supported the Harlem Children’s Zone, established the McLeod Rehabilitation Center at Shriners Children’s Hospital in Greenville, and that his family endowed three named Yale scholarships.⁠[5]

Sources

  1. Scott Bessent (2025- ) (opens in a new window)
  2. Scott Bessent Fast Facts (opens in a new window)
  3. Testimony of Scott Bessent (opens in a new window)
  4. Scott Bessent '84 confirmed as Treasury Secretary (opens in a new window)
  5. Scott Bessent | U.S. Department of the Treasury (opens in a new window)
  6. Scott Bessent's rise through finance to the US Treasury (opens in a new window)
  7. Scott Bessent to Start His Own Hedge Fund With $2 Billion From Soros (opens in a new window)
  8. Trump taps Scott Bessent as Treasury secretary (opens in a new window)
  9. Bessent to resign from Key Square if confirmed at Treasury (opens in a new window)
  10. Senate confirms Scott Bessent as Treasury secretary (opens in a new window)
  11. Scott Bessent sworn in as 79th Secretary of the Department of Treasury (opens in a new window)
  12. Joint Statement by the United States and China on Trade Negotiations in Geneva, Switzerland (opens in a new window)
  13. Trump fires IRS commissioner, Bessent named acting head (opens in a new window)
  14. IR-2026-36: Update on IRS Commissioner position (opens in a new window)
  15. Bessent Ethics Agreement Non-Compliance Letter to Senate (opens in a new window)
  16. Treasury Secretary Bessent says he has divested his soybean farm (opens in a new window)
  17. US Treasury Sec Bessent accused of contradictory mortgage pledges: Report (opens in a new window)
  18. US buys Argentine pesos, finalizes $20 billion currency swap (opens in a new window)
  19. Bessent denies threat to punch Pulte: 'I actually said I was gonna kick his a**' (opens in a new window)
  20. Treasury Dismantles Major Hamas Financing Network (opens in a new window)
  21. Treasury Announces Third Round of Sanctions Removals, Updates in Modernization Initiative (opens in a new window)
  22. Treasury Announces Enforcement Penalty for Violation of Outbound Program (opens in a new window)
  23. Treasury Targets Cartel del Noreste's Horse Racing Enterprise and Expansive Criminal Network (opens in a new window)
  24. Treasury and IRS Move to Protect Health Care Benefits for Eligible Americans (opens in a new window)
  25. Operation Economic Outcast Targets Iran's Shadow Fleet Networks (opens in a new window)
  26. The Trump Administration is Making Homeownership More Affordable (opens in a new window)
  27. Letter from Sen. Elizabeth Warren to Secretary Scott Bessent re Treasury yields (20261007lettertobessentreyields.pdf) (opens in a new window)
  28. United States Department of the Treasury Announces New Appointment (opens in a new window)
  29. US Treasury's Bessent to skip IMF-World Bank meetings in Bangkok (opens in a new window)
  30. Statement from U.S. Secretary of the Treasury Scott Bessent for the World Bank Development Committee and IMF International Monetary and Financial Committee (opens in a new window)
  31. READOUT: Secretary of the Treasury Scott Bessent's Meeting with President Santiago Peña of Paraguay (opens in a new window)