Rise to Success: Career Highlights of Scott Bessent

From career breakthroughs to professional milestones, explore how Scott Bessent made an impact.

Scott Bessent is an American businessman and current U.S. Secretary of the Treasury since 2025. He previously worked as a partner at Soros Fund Management (SFM) and founded the global macro investment firm, Key Square Group. Bessent is noted as the first openly gay person to lead the U.S. Treasury Department and the second openly gay U.S. Senate-confirmed Cabinet secretary. He is also the first openly gay U.S. Senate-confirmed Cabinet member in a Republican administration.

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Full Timeline Early Life & Education Career & Achievements

1991: Hired by Soros Fund Management

In 1991, Scott Bessent was hired by Soros Fund Management (SFM).

September 1992: Profited on Black Wednesday

In September 1992, as a leading member of the SFM group, Bessent profited by $1 billion on Black Wednesday during the British pound sterling crisis.

1992: SFM team bet on Black Wednesday

In 1992, Scott Bessent was a leading member of the SFM team whose bet on the Black Wednesday collapse of the British Pound sterling earned the firm over $1 billion.

2000: Founded Bessent Capital

After resigning from SFM, in 2000, Scott Bessent founded a $1 billion hedge fund, Bessent Capital.

2005: Bessent Capital Closed

In 2005, Bessent Capital closed. Bessent learned that he should not change his style or the firm's approach because of investor preferences.

2006: Adjunct Professor at Yale

From 2006 to 2011, Scott Bessent was an adjunct professor of economic history at Yale.

2011: End of Professorship at Yale

From 2006 to 2011, Scott Bessent was an adjunct professor of economic history at Yale, teaching three courses.

2011: Returned to SFM as CIO

In 2011, Scott Bessent returned to SFM as chief investment officer.

2013: SFM Profit by Betting Against Japanese Yen

In 2013, Scott Bessent made SFM another $1.2 billion by betting against the Japanese yen.

2015: Launched Key Square Group

In 2015, Scott Bessent left SFM to launch Key Square Group.

2015: Left SFM

In 2015, Scott Bessent left SFM.

2016: Key Square Group Returns

In 2016, Key Square Group's main fund returned 13%.

2017: Key Square Group Performance Declined

In 2017, Key Square Group declined or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023.

2018: Returned Soros Investment

In 2018, Key Square Group returned Soros's investment as it took in other assets.

2021: Key Square Group Gains

Key Square Group declined or broke even every year from 2017 to 2021. In 2021, 2022 and 2023, it started making major gains.

2022: Bessent Praised Trump and Abe for Containing China

In 2022, Scott Bessent lauded Donald Trump and Shinzo Abe for their efforts in containing China, describing China as "ever more antagonistic".

2022: Key Square Group Gains

Key Square Group declined or broke even every year from 2017 to 2021. In 2021, 2022 and 2023, it started making major gains.

2023: Key Square Group Gains

Key Square Group declined or broke even every year from 2017 to 2021. In 2021, 2022 and 2023, it started making major gains.

November 2024: Bessent's Fox News Op-Ed on Tariffs

In November 2024, Scott Bessent argued in a Fox News op-ed that tariffs are necessary to stand up for Americans, given that China's economic growth has solidified a despotic regime, despite the U.S. opening its markets to the world.

2024: Profit Betting on U.S. Stocks

In 2024, Key Square Group earned a "double digits" percentage profit betting that U.S. stocks would rise after Trump won the election.

January 16, 2025: Appeared Before Senate Committee

On January 16, 2025, Scott Bessent appeared before the United States Senate Committee on Finance for his confirmation hearing. At the hearing, he advocated for tax cut extensions and tougher economic policies on China and Russia.

January 21, 2025: Senate Committee Advanced Nomination

On January 21, 2025, the U.S. Senate Committee on Finance advanced Scott Bessent's nomination to the Senate floor by a 16–11 vote.

January 31, 2025: Granted Access to Payment System

On January 31, 2025, Scott Bessent granted the Department of Government Efficiency team access to the Treasury Department's payment system.

February 3, 2025: Named Acting Director of CFPB

On February 3, 2025, Scott Bessent was named the acting director of the Consumer Financial Protection Bureau. He immediately ordered the agency to halt all work.

February 2025: Tasked with Implementing Sovereign Wealth Fund

In February 2025, Scott Bessent and acting United States secretary of commerce Jeremy Pelter were tasked with implementing a United States sovereign wealth fund.

March 2025: Bessent Defended Tariffs on Canada and Mexico

In March 2025, Scott Bessent defended Trump's threat to impose tariffs on Canada and Mexico, arguing that "access to cheap goods is not the essence of the American Dream."

April 2025: Bessent Warned Against Retaliation to Liberation Day Tariffs

In April 2025, following Trump's announcement of Liberation Day tariffs, Scott Bessent warned countries against retaliating, promising escalation. Subsequently, on April 9, he and Commerce Secretary Howard Lutnick convinced Trump to pause many of the tariffs.

July 2025: MP Materials & the Department of War

As the U.S. Department of War did in July 2025 with MP Materials

August 2025: Bessent Accused India of Profiting from Reselling Russian Oil

In August 2025, Scott Bessent accused India of profiting from reselling Russian oil during Russia's war against Ukraine, estimating that they made $16 billion in excess profits.

September 2025: Bessent Supported More Secondary Sanctions on Russia

In September 2025, Scott Bessent voiced support for more secondary sanctions on Russia to collapse the Russian economy, stating the Trump administration was prepared to increase pressure, contingent on European partners' cooperation.

September 24, 2025: Announced Economic Lifeline to Argentina

On September 24, 2025, Scott Bessent announced a planned $20 billion economic lifeline to Argentina to purchase government bonds and help stabilize the nation's economy.

October 15, 2025: Announced Strategic Mineral Reserve

On October 15, 2025, Scott Bessent said the U.S. would work to create a strategic mineral reserve, potentially with JPMorgan Chase. He added that the U.S. would set price floors across multiple industries and potentially take equity stakes in other rare-earth companies to reduce reliance on China.

October 22, 2025: Imposed Sanctions on Russian Energy Companies

On October 22, 2025, the U.S. imposed sanctions on Russian energy companies Rosneft and Lukoil over continued fighting in Ukraine. Scott Bessent encouraged allies to join and adhere to these sanctions.

November 2025: Supported Sale of F-35 Fighter Jets to Saudi Arabia

In November 2025, Scott Bessent voiced his support for the sale of F-35 Lightning II fighter jets to Saudi Arabia.

December 2025: Bessent Divested North Dakota Farmland

In December 2025, Scott Bessent divested his North Dakota farmland, which provided a rental income of up to $1 million per year, as part of his ethics agreement as secretary of the treasury.

2025: Bessent Reacted to Iranian Protests

In 2025, Scott Bessent reacted to the 2025-2026 Iranian protests and admitted that Iran's economic collapse was partly due to U.S. sanctions.

January 9, 2026: Argentina Repaid Currency Draw

On January 9, 2026, Scott Bessent said that Argentina had fully repaid its currency draw, estimated by local newspapers at $2.5 billion of the potential $20 billion.

January 2026: Bessent Spoke in Support of Alberta Separatism

In January 2026, amidst strained Canadian-U.S. relations, Scott Bessent spoke in support of Alberta separatism, backing a potential 2026 independence referendum. He also warned Canadian Prime Minister Mark Carney that his criticisms of Trump's trade policies could trigger a review of the United States–Mexico–Canada Agreement.

January 2026: Treasury Department Imposed Sanctions on Iranian Officials

In January 2026, the Treasury Department imposed sanctions on Iranian officials in response to Iran's crackdown on protesters. Scott Bessent warned that the U.S. would track funds stolen from Iranian families.

January 26, 2026: Treasury to Terminate Government Contracts

On January 26, 2026, Scott Bessent announced that the Treasury would terminate 31 government contracts with Booz Allen Hamilton, due in part to the actions of Charles E. Littlejohn.

2026: Bessent on Iranian Economic Collapse

In 2026, reacting to the 2025-2026 Iranian protests, Bessent said that "the Iranian economy is on the ropes" and the U.S. had triggered a dollar shortage in Iran, causing the Iranian rial to collapse.