US NewsTrump nominee Bessent to divest $500M before Senate hearing

Trump nominee Bessent to divest $500M before Senate hearing

Nominated by President-elect Donald Trump for Treasury Secretary, Scott Bessent announced he will withdraw his investments from held assets. If the Senate confirms his nomination, the hedge fund manager will be responsible for overseeing U.S. economic policy, including tariffs and taxes.

Scott Bessent
Scott Bessent
Images source: © Getty Images | Bloomberg

Scott Bessent disclosed his assets in an ethics agreement published on Saturday by the Office of Government Ethics. His hearing before the Senate Finance Committee is scheduled for Thursday. High-ranking government officials must usually disclose and withdraw investments from assets that could lead to a conflict of interest.

The financier disclosed assets worth at least $500 million, but according to the Washington Post, his investments could be worth much more. Nine positions in his assets, including shares in his investment firm, Key Square Group, are valued at "over $ 50 million."

Millionaire with Trump's portfolio

According to "Fortune" magazine, Bessent disclosed assets worth at least $521 million, including a home in the Bahamas and S&P 500 ETFs.

If the 62-year-old businessman is confirmed as Treasury Secretary, he will play a key role in implementing a wide range of policies presented by Trump during the election campaign. This includes new tariffs for American trade partners and changes in tax policy and financial regulations.

Bessent would also be the first openly gay Treasury Secretary in U.S. history. Together with his husband, they are raising two children.

In the ethics agreement, Bessent outlined his steps to "avoid any actual or apparent conflict of interest in the event."

He announced he would cease operations at Key Square by the end of March. Additionally, he plans to leave a family foundation and has already resigned from his position at Rockefeller University, where he served as chairman of the investment committee.

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