History of Scott Bessent in Timeline

Scott Kenneth Homer Bessent is an American government official, real estate investor, and former hedge fund manager. He became the 79th United States Secretary of the Treasury in 2025. Prior to his government role, Bessent was a partner at Soros Fund Management (SFM) and later founded Key Square Group, a global macro investment firm. His career reflects a transition from high finance to public service.

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Full Timeline Early Life & Education Career & Achievements

September 2007: Real Estate Transactions and Mortgage Designations

In September 2007, Scott Bessent reportedly designated, through an attorney, his Bedford Hills property and a property in Provincetown, Massachusetts, as his principal residences simultaneously on mortgage documents with Bank of America, despite documents indicating the properties were secondary residences and his primary residence was in Manhattan. Bank of America was aware of this arrangement at the time.

2009: Loss on One Sutton Place South Unit Sale

In 2009, Scott Bessent sold a unit at One Sutton Place South in Manhattan for $9.5 million, taking a loss on the property. He had purchased the unit, which formerly belonged to a sister of John F. Kennedy, for $12 million in 2007.

2010: Miami Beach and Southampton House Purchases

In 2010, Scott Bessent purchased a 9,719-square-foot house in Miami Beach for $9.5 million. Also in 2010, he bought a 10,665-square-foot home in Southampton, New York, for $9.95 million.

2011: Loss on Bedford Hills House Sale

In 2011, Scott Bessent sold a house in Bedford Hills, New York, for $7.1 million, incurring a loss of at least $4.2 million after purchasing it in 2007 for $11.3 million.

2014: Sale of Miami Beach House

In 2014, Scott Bessent sold a house in Miami Beach for $14.5 million after renovating it. He had purchased the house for $9.5 million in 2010.

2016: Purchase of John Ravenel House

In 2016, Scott Bessent purchased the 9,407-square-foot John Ravenel House for $6.5 million.

2017: Purchase of 720 Park Avenue Unit

In 2017, Scott Bessent bought a unit at 720 Park Avenue for $19.25 million.

2019: Sale of Southampton Home

In 2019, Scott Bessent sold his Southampton, New York, home for $19 million following a renovation. He had bought it for $9.95 million in 2010.

2021: Sale of 720 Park Avenue Unit and Preservation Award

In 2021, Scott Bessent sold his unit at 720 Park Avenue for $15 million, taking a loss. Also in 2021, his renovation of the John Ravenel House received an award from the Preservation Society of Charleston.

November 2024: Argues for Tariffs in Fox News Op-Ed

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

December 28, 2024: Net Worth Disclosure

As of December 28, 2024, Scott Bessent's net worth was disclosed to be at least $521 million according to his financial assets disclosure by the U.S. Office of Government Ethics. It is speculated to be around $600 million. At that time, he owned more than $50 million in each of the SPDR S&P 500 ETF Trust, the Invesco S&P 500 Equal Weight ETF, and the Invesco QQQ, as well as real estate in the Bahamas worth $5 million to $25 million and a home in Cashiers, North Carolina, worth $5 million to $25 million. He owns farmland worth up to $25 million in North Dakota that provides him a rental income of up to $1 million per year.

January 21, 2025: Senate Committee Advances 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 27, 2025: Confirmed as U.S. Treasury Secretary

On January 27, 2025, Scott Bessent was confirmed by the United States Senate by a 68–29 vote as the U.S. treasury secretary. On the same day, a man was arrested at the United States Capitol for planning to murder Bessent.

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: Grants Access to Treasury 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.

March 2025: Sale of John Ravenel House

In March 2025, Scott Bessent sold the John Ravenel House for $18.25 million plus $3 million for furnishings and fixtures. This sale marked the highest price ever for a house in Charleston.

March 2025: Defends Tariffs on Canada and Mexico

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

April 2025: Appoints Preferred Pick as IRS Commissioner

In April 2025, Michael Faulkender replaced Gary Shapley as Commissioner of Internal Revenue after Bessent lobbied Trump. This led to a dispute between Bessent and Elon Musk.

April 2025: Warns Against Retaliation to Liberation Day Tariffs

In April 2025, after Trump announced Liberation Day tariffs, Scott 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.

July 2025: US Department of War Stake in MP Materials

In July 2025, the U.S. Department of War took equity stakes in MP Materials, as part of effort to create a strategic mineral reserve.

August 2025: Accuses 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, saying: "This is what I would call the Indian arbitrage—buying cheap Russian oil, reselling it as product. They've made $16 billion in excess profits—some of the richest families in India."

August 2025: Notified of Ethics Agreement Non-Compliance

In August 2025, the Office of Government Ethics notified Senate Committee on Finance chair Mike Crapo that Scott Bessent "has failed to timely comply with certain terms of the ethics agreement he signed".

September 2025: Reported Clash with FHFA Director

In September 2025, Scott Bessent reportedly clashed with Federal Housing Finance Agency director Bill Pulte and threatened to punch him.

September 2025: Voices Support for More Secondary Sanctions on Russia

In September 2025, Scott Bessent voiced support for more secondary sanctions on Russia to "collapse" the Russian economy, saying the Trump administration is "prepared to increase pressure on Russia, but we need our European partners to follow us."

October 2025: Comments on China's Rare Earth Export Restrictions

After an October 2025 meeting at the APEC Summit in South Korea, Scott Bessent said that China's decision to restrict rare earth exports may have been a strategic miscalculation, as it encouraged other countries to reduce reliance on Chinese supplies.