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 the current United States Secretary of the Treasury, beginning his service in 2025. He previously worked as a partner at Soros Fund Management and later founded Key Square Group, a global macro investment firm. Bessent is notable for being the first openly gay individual to lead the U.S. Treasury Department and the first openly gay U.S. Senate-confirmed Cabinet member in a Republican administration, as well as the second openly gay U.S. Senate-confirmed Cabinet secretary.

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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) after holding a series of financial positions.

September 1992: Profited on Black Wednesday

In September 1992, as a leading member of Soros Fund Management, Scott Bessent's group profited by $1 billion on Black Wednesday during the British pound sterling crisis.

1992: Involved in Black Wednesday Bet

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

2000: Founded Bessent Capital

In 2000, Scott Bessent founded a $1 billion hedge fund, Bessent Capital, after resigning from Soros Fund Management (SFM).

2005: Bessent Capital Closed

In 2005, Bessent Capital, the hedge fund founded by Scott Bessent, closed.

2006: Became Adjunct Professor at Yale

In 2006, Scott Bessent became an adjunct professor of economic history at Yale.

2011: Ended Teaching at Yale

In 2011, Scott Bessent ended his role as an adjunct professor of economic history at Yale, where he had been teaching since 2006.

2011: Returned to Soros Fund Management

In 2011, Scott Bessent returned to Soros Fund Management (SFM) as chief investment officer.

2013: Profited by betting against Japanese yen

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

2013: Bet Against Japanese Yen Yielded Profit

In 2013, Scott Bessent's bet against the Japanese yen yielded more than $1.2 billion in profit in three months for Soros Fund Management (SFM).

2015: Established Key Square Group

In 2015, Scott Bessent established Key Square Group, a hedge fund, after leaving Soros Fund Management.

2015: Left Soros Fund Management Again

In 2015, Scott Bessent left Soros Fund Management (SFM) again.

2016: Key Square Group Main Fund Returned 13%

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

2018: Returned Soros's Investment

In 2018, Key Square Group returned George Soros's investment as it took in other assets, as part of a prearranged deal.

2022: Bessent praises Trump and Abe for containing China

In 2022, Bessent praised Trump and former Japanese prime minister Shinzo Abe for containing China and called China "ever more antagonistic".

November 2024: Bessent argues for tariffs in Fox News op-ed

In a November 2024 Fox News op-ed, Bessent argued that tariffs "are a means to finally stand up for Americans".

November 22, 2024: Nominated for U.S. Treasury Secretary

On November 22, 2024, President-elect Donald Trump announced his nomination of Scott Bessent for U.S. Treasury Secretary in the second Trump administration.

2024: Earned profit betting on U.S. stocks

In 2024, Key Square Group earned a "double digits" percentage profit by 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. At his confirmation hearing, Bessent advocated for tax cut extensions and tougher economic policies on China and Russia.

January 21, 2025: Nomination Advanced to Senate Floor

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 27, 2025: Confirmed as U.S. Treasury Secretary

On January 27, 2025, Scott Bessent was confirmed by the United States Senate as the 79th U.S. Treasury Secretary by a vote of 68–29.

January 28, 2025: Sworn in as U.S. Treasury Secretary

On January 28, 2025, Scott Bessent was sworn in as the 79th U.S. Treasury Secretary.

January 31, 2025: Granted Access to Payment System

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

February 3, 2025: Appointed Acting Director of CFPB

On February 3, 2025, Scott Bessent was named the acting director of the Consumer Financial Protection Bureau and 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 defends tariffs amid Trump's threats

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

April 2025: Bessent warns against retaliating Liberation Day tariffs

In April 2025, after Trump announced Liberation Day tariffs, Bessent warned countries against retaliating, promising escalation. On April 9, Trump paused many of the tariffs; Bessent and Commerce Secretary Howard Lutnick were credited with convincing Trump to do so.

August 2025: Bessent accuses India of profiting from reselling Russian oil

In August 2025, Bessent accused India of profiting from reselling Russian oil during Russia's war against Ukraine, alleging excess profits of $16 billion.

September 2025: Bessent supports more secondary sanctions on Russia

In September 2025, Bessent voiced support for more secondary sanctions on Russia to "collapse" the Russian economy.

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 stated that the U.S. would work to create a strategic mineral reserve, potentially with JPMorgan Chase, and set price floors across multiple industries to reduce reliance on China.

October 22, 2025: U.S. 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, with Scott Bessent stating that the Treasury was sanctioning Russia's two largest oil companies that fund the Kremlin's war machine.

November 2025: Bessent supports F-35 sale to Saudi Arabia

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

December 2025: Bessent divests North Dakota farmland

In December 2025, Bessent divested his North Dakota farmland as part of his ethics agreement as secretary of the treasury.

2025: Appointed as 79th United States Secretary of the Treasury

In 2025, Scott Bessent became the 79th United States Secretary of the Treasury, marking him as the first openly gay person to hold this position, the first openly gay U.S. Senate-confirmed Cabinet member in a Republican administration, and the second openly gay U.S. Senate-confirmed Cabinet secretary.

2025: Reclassification of Tax Credits

In 2025, after the 2025 Washington, D.C., National Guard shooting, Scott Bessent announced that the Treasury Department would move to reclassify certain tax credits as federal public benefits to "cut off federal benefits to illegal aliens and preserve them for U.S. citizens".

January 9, 2026: Argentina Fully 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 supports Alberta separatism

In January 2026, amid strained Canadian-U.S. relations, Bessent spoke in support of Alberta separatism, backing a potential 2026 independence referendum.

January 2026: Treasury Department sanctions Iranian officials

In January 2026, the Treasury Department imposed sanctions on Iranian officials in response to Iran's crackdown on protesters, with Bessent supporting the action.

January 26, 2026: Terminated Government Contracts with Booz Allen Hamilton

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.

May 2026: Bessent proposes replacement for Federal Reserve Chair

In May 2026, Bessent proposed seeking an early confirmation of a replacement for Chair of the Federal Reserve Jerome Powell, whose term expires in May 2026, as a way to reduce Powell's influence, prompting some criticism.

2026: Bessent acknowledges U.S. sanctions contributing to Iran's economic collapse

In 2026, Reacting to the 2025–2026 Iranian protests, Bessent admitted that Iran's economic collapse was partly due to U.S. sanctions and said, "the Iranian economy is on the ropes".