U.S. President-elect Donald Trump has nominated Scott Bessent to lead the U.S. Treasury Department. U.S. President-elect Donald Trump will ring the opening bell at the New York Stock Exchange to celebrate his appointment and walk to the New York Stock Exchange on the day ( NYSE) Time Magazine “Person of the Year”, New York, NY, USA, December 12, 2024.
Adam Gray | Reuters
Scott Bessent, the president-elect’s chosen investor Donald Trump He will divest his Key Square Group hedge fund and other investments after becoming Treasury secretary, according to a letter to the Treasury Department’s ethics office.
The letter said Bessant outlined steps he would take to “avoid any actual or apparent conflict of interest upon my confirmation to the position of Treasury Secretary.”
The money manager, who was appointed by Trump as the nation’s top economic policymaker on Nov. 23, said he would resign from his position at the Bessant Freeman Family Foundation.
According to the New York Times, which first reported the news of Bessant’s divestment, he also plans to close Key Square Capital Management, the investment company he founded.
Reuters reported in November that Key Square could be shut down, sold or put into “hibernation mode” if Bessent serves in the new administration.
A spokesman for Bessent declined to comment.
The U.S. Senate Finance Committee said on Friday that it will hold a nomination hearing for Bessant on January 16.
On Friday, Trump reaffirmed the financial arrangements he made during his first term, handing over day-to-day management of his multibillion-dollar real estate, hotel, golf, media and licensing portfolios upon entering the White House. children.
