Scott Bessent, a former Democratic donor, now champions President-elect Trump’s economic nationalism.
President-elect Donald Trump has nominated Scott Bessent, previously chief investment officer for George Soros, to head the Treasury Department. Bessent, a former fundraiser for Democratic candidates, now supports Trump’s “America First Agenda,” according to the incoming president.
Trump announced Bessent’s nomination on Friday, alongside other cabinet appointments including Representative Lori Chavez-DeRemer for Labor Secretary and former NFL player Scott Turner for Housing and Urban Development Secretary.
”Scott has consistently advocated for the America First Agenda,” Trump stated on Truth Social. “As we celebrate our nation’s 250th anniversary, he will help create a new Golden Age for the United States, strengthening our global economic leadership, fostering innovation and entrepreneurship, attracting investment, and ensuring the enduring strength of the US dollar as the world’s reserve currency.”
As Treasury Secretary, Bessent will significantly influence US financial and tax policies, public debt management, and sanctions.
Bessent is the founder of Key Square Group. In the 1990s, he served as chief investment officer of Soros Fund Management, leading its London office during Soros’s highly profitable 1992 bet against the British pound.
Bessent held a fundraiser for Al Gore’s 2000 presidential campaign, the same year he left Soros Fund Management. He subsequently donated to Barack Obama and Hillary Clinton, but later shifted his political allegiance, becoming a strong supporter of Trump’s protectionist economic policies.
In 2016, Bessent contributed $1 million to Trump’s inaugural committee. Earlier this year, he raised millions more for Trump’s campaign and served as an economic advisor.
Bessent recently told the Financial Times that he endorses Trump’s use of tariffs to address trade imbalances, though he anticipates that Trump’s proposed 20% blanket tariffs will be moderated through negotiations.