Billionaire Scott Bessent, who once worked for George Soros, is Trump's pick for Treasury secretary. Who is he?

President-elect Donald Trump picked investor Scott Bessent, an advocate for deficit reduction and deregulation, to serve as Treasury secretary. Trump picked the billionaire hedge fund manager to lead an economic agenda that is expected to be built around raising tariffs and cutting taxes.

“Scott has long been a strong advocate of the America First Agenda. On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World,” Trump said in a statement announcing the pick Friday.

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Who is Scott Bessent, Trump's pick for Treasury secretary?

Scott Bessent is an American investor, philanthropist, and educator. He is the Founder and CEO of Key Square Group. A former executive with Soros Fund management, Scott Bessent in recent years has been a vocal supporter of the former president's policies, from tariffs to spending cuts.

Bessent, who is from South Carolina, attended Yale University and sought to become a journalist, but when he didn't get the post as editor of the Yale Daily News, he changed direction. Bessent secured an internship with money manager Jim Rogers, George Soros' first partner and co-founder of the Quantum Fund, he told his university's alumni magazine, reports CBS News.

He served as chief investment officer of Soros Fund Management, the macroeconomic investment firm of billionaire George Soros. In 2015, he raised capital, including $2 billion from Soros, to start his own hedge fund. He has also taught at Yale University, offering classes on economic booms and busts in the 20th century and the history of hedge funds.

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Scott Bessent- from Democrat supporter to Trump adviser

Bessent, who had provided economic advice to Donald Trump campaign, has had a decades-long career in finance. He analyzed macroeconomic and geopolitical risks while working at the Soros Fund, where he served as chief investment officer, as well as at other hedge funds, according to a report in CBS News. Bessent and his husband have two children.

A longtime Republican donor, Bessent has also given money to some Democrats, including Hillary Clinton and Barack Obama. In 2000, he hosted a fundraiser for the Democratic National Committee in support of Vice President Al Gore, the Democratic candidate for president that year.

Scott Bessent is a past supporter of Democrats who has become an ardent and enthusiastic supporter of Trump. He is an advocate of cutting spending while extending the tax cuts approved by Congress in Trump's first term. If confirmed by the Senate, Scott Bessent will manage the nation’s finances.

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Bessent had an influential role in Soros’ London investment operations, including his famous 1992 bet against the pound, which generated huge profits on “Black Wednesday,” when the pound was de-linked from European currencies, reports AP. As an adviser to Trump, Bessent became a vocal critic of the economic agenda being pitched by Democrats.

If confirmed to the role, he would also be the first openly LGBTQ Senate-confirmed cabinet member in a Republican administration.

In 2020, Trump named Richard Grenell, who is openly gay, acting director of national intelligence. However, the role was not subject to Senate confirmation.

(With agency inputs)