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Donald Trump’s nominee for Treasury Secretary, Scott Bessent, could make history as the first openly LGBTQ+ member of a Republican cabinet approved by the Senate. If confirmed, he would also become the highest-ranking openly LGBTQ+ official in American history, as the Treasury Secretary is fifth in the presidential line of succession.

In November 2024, President-elect Donald Trump announced his intention to nominate billionaire hedge fund manager Scott Bessent for the role of Treasury Secretary. Bessent, who played a key role in fundraising for Trump’s campaign, received high praise from the former president.

On Truth Social, Trump described Bessent as “one of the world’s foremost international investors and geopolitical and economic strategists,” stating:

“Scott’s story is that of the American Dream… together, we will make America rich again, prosperous again [and] affordable again.”

Forbes describes Bessent as a “pro-tariff Wall Street veteran” with previous ties to Democratic megadonor George Soros. If confirmed, he will be a leading voice in shaping Trump’s economic policies.

The 62-year-old Yale graduate began his career in finance in 1991 when he joined Soros Fund Management (SFM), eventually becoming a partner. He left in 2000 to start his own hedge fund, which closed in 2005. Bessent later returned to SFM before leaving again in 2015 to launch Key Square Group (KSG).

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Key Square Group initially struggled, posting losses or breaking even until 2021, but later saw some financial gains. However, its assets declined from a peak of $5.1 billion in 2017 to under $600 million by the end of 2023.

Bessent has stated that if confirmed as Treasury Secretary, he will step down from Key Square Group and sell his stake in the firm.

As part of the confirmation process, Bessent disclosed assets worth at least $521 million, including a residence in the Bahamas and an extensive art and antique collection valued between $1 million and $5 million. His portfolio also includes over $50 million in U.S. Treasury bills and significant cryptocurrency investments.

Overall, his net worth is estimated to be at least USD 1 billion.

Bessent and his family live in the historic John Ravenel House, commonly known as the “Pink Palace, ” in Charleston, South Carolina. He purchased the property for $6.5 million in 2016 and spearheaded an extensive restoration, which earned him a Preservation Society Award in 2021.

According to the South China Morning Post, the home, which features eight bedrooms and ten bathrooms, is currently on the market for $22.25 million.

Scott Bessent has been married to John Freeman since 2011. Freeman, a former prosecutor in New York City, shares two children with Bessent—Cole and Caroline—who were born via surrogacy.

In a Yale Alumni Magazine interview, Bessent reflected on how dramatically LGBTQ+ rights have evolved over the years:

“In a certain geographic region at a certain economic level, being gay is not an issue. What’s fantastic is now, people in the rest of America, whether blue collar or white collar, have access to everything. If you had told me in 1984 when we graduated and people were dying of AIDS that 30 years later I’d be legally married and we would have two children via surrogacy, I wouldn’t have believed you.”

However, Bessent’s alignment with Trump and his political allies raises concerns among LGBTQ+ advocates. The previous Trump administration denied the marriage status of LGBTQ+ couples in certain legal contexts, classifying children born to same-sex couples as “out of wedlock.”

Additionally, Trump ally Michael Knowles made inflammatory remarks in April 2024, calling surrogacy “evil” and suggesting life imprisonment—or worse—for those involved.

Bessent’s nomination positions him in an administration that has previously challenged LGBTQ+ rights, prompting questions about how his role might influence policies affecting families like his own.

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