Donald Trump’s Treasury Secretary nominee, Scott Bessent, will have to give up his position at Key Square Group and sell his hedge fund shares if the Senate confirms his appointment.
According to the US Office of Government Ethics, Bessent will have to relinquish his position at the hedge fund immediately after the Senate’s approval. However, for his shares, he’d have a 90-day window post-confirmation to divest them.
Bessent revealed his assets, valued at more than $500 million
State officials must report their assets and provide plans to divest holdings that could present conflicts of interest before the Senate confirms them. Bessent’s hearing is set for Thursday next week, and he will be required to reveal his holdings.
His publicly disclosed personal financial statement shows his assets are valued at $521 million. Among his highest-valued holdings are two tranches of US Treasury bills, two Invesco funds, and foreign currency positions linked to the Key Square Group.
He also acknowledged his personal investment at an iShares Bitcoin ETF, worth about $500,000, which he will need to divest post-confirmation. Other assets include a $25 million farmland in North Dakota, a $25 million Bahamian property, and at least $1 million worth of art and antiques.
In his letter to the Treasury Department’s ethics office, Bessent made it clear that he plans to shut down the investment firm Key Square Capital Management, resign from the Bessent-Freeman Family Foundation, and relinquish his role at Rockefeller University as chairman of the investment committee post-confirmation.
He will also sell several other investments, such as his stake at All Seasons, a conservative book publishing company.
Bessent will help Trump with his pro-crypto agenda
Scott Bessent emerged as the top pick for the treasury secretary seat, edging out competitors like Apollo Global Management Inc. executive Marc Rowan, former Federal Reserve Governor Kevin Warsh, Tennessee Senator Bill Hagerty, and Trump transition co-chair Howard Lutnick.
If he earns Senate approval, Bessent is expected to aid Trump in rolling out tax cuts, imposing new tariffs, and renegotiating some trade deals. Given his experience with digital assets, Bessent is also projected to play a vital role in pushing for cryptocurrencies like Bitcoin, especially with Trump proposing the establishment of a national Bitcoin reserve.
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