History of Scott Bessent in Timeline

Scott Bessent is an American investor and government official, currently serving as the United States Secretary of the Treasury since 2025. Prior to his government role, he was a partner at Soros Fund Management. He also founded Key Square Group, a global macro investment firm, showcasing his entrepreneurial ventures in the financial sector.

Sections (3)

Full Timeline Early Life & Education Career & Achievements

August 21, 1962: Scott Bessent Born

On August 21, 1962, Scott Kenneth Homer Bessent was born. He later became an investor, hedge fund manager, and the United States Secretary of the Treasury.

Others born on this day/year

1984: Graduation from Yale University and extracurricular activities

In 1984, Scott Bessent earned a Bachelor of Arts degree in political science from Yale University. While in college, he was an editor of Yale Daily News, president of Wolf's Head Society, and treasurer for the class of 1984. He was also chairman of the 1984 Yale Alumni Fund and assistant to the director of athletics.

1984: Graduates from Yale University

In 1984, Scott Bessent graduated from Yale University with a bachelor's degree and began a career in finance.

1991: Joined Soros Fund Management

In 1991, Scott Bessent joined Soros Fund Management (SFM) and became a partner there throughout the 1990s, eventually becoming head of the London office.

1992: Profit from Black Wednesday Collapse

In 1992, Scott Bessent was a leading member of the team at Soros Fund Management that profited over $1 billion from the Black Wednesday collapse of the British pound.

1992: Bet on the Sterling Crisis

In 1992, as a leading member of Soros Fund Management, Bessent successfully bet on the sterling crisis, generating over $1 billion in profit for the firm.

2000: Fundraiser for Al Gore

In 2000, Bessent hosted a fundraiser for Al Gore at his East Hampton, New York, home.

2000: Founded a Hedge Fund

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

2005: Hedge Fund Closed

In 2005, the $1 billion hedge fund that Scott Bessent founded closed. Bessent learned that he should not change his style or the firm's approach because of investor preferences.

2006: Adjunct Professor at Yale

In 2006, Scott Bessent began working as an adjunct professor of economic history at Yale University, where he taught three courses.

2011: Marriage to John Freeman

In 2011, Bessent married former New York City prosecutor John Freeman.

2011: End of Professorship at Yale

In 2011, Scott Bessent concluded his time as an adjunct professor of economic history at Yale, where he had taught three courses.

2011: Returned to Soros Fund Management

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

2013: Profit from Bet Against Japanese Yen

In 2013, Bessent's bet against the Japanese yen brought additional profit to Soros Fund Management.

2015: Established Key Square Group

In 2015, Scott Bessent established his own investment firm, Key Square Group, after leaving the Soros Fund.

2015: Left SFM to Start Key Square Group

In 2015, Scott Bessent left Soros Fund Management (SFM) to begin a new firm, Key Square Group.

2016: Fund Return Increased

In 2016, Key Square's main fund returns increased by 13%.

2016: Donated to Trump's Inaugural Committee

In 2016, Scott Bessent donated $1 million to Donald Trump's 2017 presidential inaugural committee.

2016: Purchased John Ravenel House

In 2016, Scott Bessent purchased the historic John Ravenel House.

2017: Key Square Group Assets

At the end of 2017, Key Square's assets were valued at $5.1 billion.

2017: Donated to Trump's Inaugural Committee

In 2017, Scott Bessent donated $1 million to Donald Trump's presidential inaugural committee in 2016.

2018: Returned Soros Capital

In 2018, Key Square Group returned the capital investment from George Soros as part of a prearranged deal and took in other assets. Investors included Australia's sovereign wealth fund, Future Fund.

2021: Major Gains

In 2021, Key Square made major gains after declining or breaking even every year from 2017 to 2021.

2021: Carolopolis Award

In 2021, the building restoration project of the John Ravenel House was awarded the Preservation Society of Charleston's Carolopolis Award.

2022: Major Gains

In 2022, Key Square made major gains after declining or breaking even every year from 2017 to 2021.

2022: Founded Foundations

In 2022, Scott Bessent opened two foundations and created the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville, South Carolina. He also supports the Prince's Trust in London and the Harlem Children's Zone in New York City. He has supported restoration of the Nathaniel Russell House, a National Historic Landmark in Charleston.

2022: Article on Shinzo Abe

In a 2022 article commemorating former Japanese prime minister Shinzo Abe, Bessent reflected on Trump's recognition of the dangers posed by China and Abe's development of a multilateral solution for containment.

2023: Major Gains

In 2023, Key Square made major gains after declining or breaking even every year from 2017 to 2021.

2023: Donated to Trump's 2024 campaign

In 2023, Scott Bessent donated more than $1 million to Donald Trump's 2024 presidential campaign.

February 2024: Fundraiser for Trump Campaign

In February 2024, Bessent hosted a fundraiser in Greenville, South Carolina, that raised nearly $7 million for Trump's 2024 campaign.

April 2024: Fundraiser in Palm Beach

In April 2024, Scott Bessent hosted a Palm Beach, Florida, fundraiser that raised $50 million for Trump's campaign.

July 2024: Economic Advisor to Trump

In July 2024, it was reported that Bessent was a key economic advisor to Trump, proposing a three-point economic plan modeled on Shinzo Abe's "Three Arrows" economic policy.

October 11, 2024: Bloomberg Radio Broadcast

On October 11, 2024, Bessent described his plan on a broadcast on Bloomberg Radio.

November 2024: Nominated for Treasury Secretary

In November 2024, Bessent was nominated for Treasury Secretary by Donald Trump.

November 2024: Listed 'Pink Palace' for sale

In November 2024, Bessent's mansion, known as the "Pink Palace", was listed for $22,250,000.

November 2024: Fox News Op-Ed on Tariffs

In a November 2024 Fox News op-ed, Bessent argued that tariffs are a means to stand up for Americans against China's economic growth benefiting a despotic regime.

November 22, 2024: Intention to Nominate Bessent Announced

On November 22, 2024, President-elect Trump announced his intention to nominate Bessent to serve as the United States secretary of the treasury in his second administration. Bessent is the first openly gay treasury secretary, the second openly gay Senate-confirmed Cabinet secretary of an Executive Department after Pete Buttigieg.

December 10, 2024: Sale Under Contract

As of December 10, 2024, the sale of Bessent's mansion was under contract.

December 28, 2024: Financial Disclosure

According to his December 28, 2024, financial assets disclosure by the U.S. Office of Government Ethics, Bessent's net worth is at least $521 million.

2024: Donated to Trump's 2024 campaign

In 2024, Scott Bessent donated more than $1 million to Donald Trump's 2024 presidential campaign.

2024: Proposed Alternative to Powell Replacement

In a 2024 interview in Barron's, Bessent proposed an alternative plan, dubbed the "shadow Fed chair", to any plan by Trump to replace Federal Reserve chairman Jerome Powell, which was "to nominate and seek Senate confirmation of Powell's replacement well over a year before Powell's term ends in May 2026".

January 16, 2025: Appeared Before Senate Committee

On January 16, 2025, Scott Bessent appeared before the United States Senate Committee on Finance. During the hearing, he defended plans to impose tariffs, supported tax cut extensions, and called for tougher economic policies on China and Russia.

January 21, 2025: Nomination Advanced to Senate Floor

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

January 27, 2025: Confirmed as Treasury Secretary

On January 27, 2025, Scott Bessent was confirmed as the United States Secretary of the Treasury by the United States Senate with a vote of 68-29.

January 28, 2025: Sworn in as Secretary of the Treasury

On January 28, 2025, Scott Bessent was sworn in as the 79th secretary of the treasury by Supreme Court justice Brett Kavanaugh.

February 3, 2025: Named Acting Director of the Consumer Financial Protection Bureau

On February 3, 2025, Scott Bessent was named the acting director of the Consumer Financial Protection Bureau and tasked with implementing a United States Sovereign Wealth Fund.

March 2025: Defended Tariffs on Canada and Mexico

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's Response to Tariff Retaliation

In April 2025, after Trump announced widespread tariffs, Secretary Bessent warned other countries against retaliating, stating that escalation would occur. He also dismissed concerns about a recession and the impact of stock fluctuations on retirement savings.