Scott Bessent, a seasoned Wall Street figure and outspoken advocate for tariffs, has been nominated by Donald Trump as Treasury Secretary, a move that could make him the first openly LGBTQ+ individual to be Senate-confirmed for a Republican cabinet.
Bessent, a native of South Carolina and graduate of Yale University, lives in Charleston with his husband, John Freeman, and their two children. Reflecting on his life journey in a 2015 interview with Yale Alumni Magazine, Bessent expressed astonishment at the progress society has made since his college days in the 1980s. “If you had told me in 1984 when people were dying of AIDS, that 30 years later I’d be legally married with two children via surrogacy, I wouldn’t have believed you,” he said.
Trump announced the nomination on Friday, the 6th of December, praising Bessent as a visionary economist whose policies align with his own agenda to boost U.S. competitiveness.
“Scott will support my policies that will drive U.S. competitiveness and stop unfair trade imbalances,” Trump stated.
Bessent, who has been a key economic advisor to the former president, also donated $3 million to Trump and Republican causes during the last election cycle, calling Trump “very sophisticated on economic policy” compared to Vice President Kamala Harris, whom he criticised as an “economic illiterate” in a recent interview with Forbes.
Bessent’s career spans decades of high-stakes financial strategy. A protégé of George Soros, he worked at Soros Fund Management in the 1990s, where he played a key role in high-profile financial manoeuvres, including the famous bet against the British pound. He later returned to Soros in 2011 as Chief Investment Officer before founding his own hedge fund, Key Square Management, in 2015. Despite his early ties to Soros, the Wall Street Journal reported that the two have not been in contact for years.
Throughout his career, Bessent has championed policies that align with Trump’s protectionist trade agenda. In a recent Fox News editorial, he defended tariffs as an essential “negotiating tool” to secure fairer trade agreements and generate revenue for the Treasury. His broader economic vision includes reducing inflation, tackling the national debt, reforming bank regulations, and fostering a renaissance in American energy investment. Bessent also advocates for appointing a new Federal Reserve chair, potentially reshaping U.S. economic policy for years to come.
Despite strong support from Senator Lindsey Graham and other Republican leaders, Bessent’s nomination has drawn criticism from figures like Elon Musk, who described him as a “business-as-usual” pick. Musk argued that Howard Lutnick, another contender for the role, would have been a more transformative choice.
While Richard Grenell became the first openly gay acting cabinet member as Director of National Intelligence in 2020, Bessent would be the first to hold a permanent Senate-confirmed position in a Republican administration. His nomination signals not just a historic milestone but also the growing acceptance of diversity within the highest levels of government.
Trump spoke highly of Bessent on the campaign trail, describing him as “one of the most brilliant men on Wall Street” and a “nice-looking guy respected by everybody.” Now, as the Senate prepares to consider his nomination, all eyes are on Bessent as he looks to make history for the LGBTQ+ community.
