Posted on 11/23/24
| News Source: The Hill
President-elect Trump selected billionaire investor Scott Bessent to lead the Treasury Department on Friday as the former president continues to call for an increase in tariffs and major shifts in the country’s global trade operations.
Bessent raked in profits as the founder of hedge fund Key Square Group, and he helped finance Trump’s second campaign after decades of supporting Democratic presidential candidates.
“As a lifelong Champion of Main Street America and American Industry, Scott will support my Policies that will drive U.S. Competitiveness, and stop unfair Trade imbalances, work to create an Economy that places Growth at the forefront, especially through our coming World Energy Dominance,” Trump wrote in his announcement.
Democrat turned Trump supporter
Bessent has ties to the Democratic Party and donated to the presidential campaigns of Barack Obama, Hillary Clinton and Al Gore, who he hosted a fundraiser for in the 2000s.
Before founding his own firm, Bessent worked for billionaire George Soros as his chief investment officer for over a decade. Soros, one of the most high-profile Democratic donors, has drawn the ire of Trump and his allies over the years.
Bessent has been in the Trump circle’s orbit for years and is close to Vice President-elect JD Vance, according to reporting from the Wall Street Journal.
Background as an investor
Bessent’s career skyrocketed under Soros as he helped his London investment firm bet against the British pound in 1992, resulting in a $1 billion payout for the firm, Reuters reported.
Years later he garnered $4.5 million to launch his own hedge fund that monitors global macroeconomics. Throughout his finance career, he also built close relationships with Trump’s brother Robert Trump, an investor, and remained a confidante for the family.
Before the Friday announcement, a source told The Hill that Bessent’s experience in bond and currency markets would be beneficial if he were to join Trump’s administration.
Economic adviser to Trump campaign
Trump spoke about the state of economic affairs frequently throughout the campaign, especially tax cuts and tariff increases. Throughout the campaign cycle, Bessent regularly appeared on talk shows to tout the president-elect’s economic agenda.