History of Scott Bessent in Timeline
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.
August 21, 1962: Scott Bessent Born
On August 21, 1962, Scott Kenneth Homer Bessent was born. He would later become a businessman and the U.S. Secretary of the Treasury.
1980: Graduated from North Myrtle Beach High School
In 1980, Scott Bessent graduated from North Myrtle Beach High School in Little River, South Carolina.
1984: Graduated from Yale College
In 1984, Scott Bessent graduated from Yale College with a Bachelor of Arts degree majoring in political science. During his time at Yale, he was on the board of the Yale Daily News, served as president of the Wolf's Head Society, and was the class treasurer.
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).
2000: Hosted Fundraiser and Donated to Campaign
In 2000, Scott Bessent hosted a fundraiser for Al Gore at his home in East Hampton, New York, and donated $1,000 to John McCain's presidential campaign.
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.
September 2007: Designated Properties as Principal Residences
In September 2007, Scott Bessent, through an attorney, designated both a Bedford Hills property and a property in Provincetown, Massachusetts, as his principal residences simultaneously on mortgage documents submitted to the Bank of America.
2007: Bought House in Bedford Hills
In 2007, Scott Bessent bought a house in Bedford Hills, New York, for $11.3 million.
2007: Donated to Obama's Campaign
In 2007, Scott Bessent donated $2,300 to Barack Obama's campaign.
2009: Sold Unit at One Sutton Place South
In 2009, Scott Bessent sold a unit at One Sutton Place South in Manhattan for $9.5 million, a loss from the purchase price in 2007.
2010: Bought House in Miami Beach
In 2010, Scott Bessent bought a 9,700-square-foot house in Miami Beach for $9.5 million and a 10,700-square-foot home in Southampton, New York, for $9.95 million.
2011: Bessent marries John Freeman
In 2011, Bessent married John Freeman, a former New York City prosecutor.
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.
2011: Sold House in Bedford Hills
In 2011, Scott Bessent sold the house he bought in Bedford Hills for $7.1 million, a loss from the purchase price in 2007.
2013: Donated to Hillary Clinton's Campaign
In 2013, Scott Bessent donated $25,000 to Hillary Clinton's campaign.
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).
2014: Sold House in Miami Beach
In 2014, Scott Bessent sold the 9,700-square-foot house in Miami Beach for $14.5 million, a profit from the purchase price in 2010.
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%.
2016: Purchased John Ravenel House
In 2016, Scott Bessent purchased the 9,400-square-foot John Ravenel House for $6.5 million.
2016: Trump Elected President
In 2016, after Donald Trump was elected president.
2017: Donated to Trump's Inaugural Committee
In 2017, Scott Bessent donated $1 million to Donald Trump's presidential inaugural committee.
2017: Purchased Unit at 720 Park Avenue
In 2017, Scott Bessent purchased his unit at 720 Park Avenue for $19.25 million.
2017: Decline or Broke Even after 2017
Starting in 2017, Key Square Group declined or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023, leading to a decrease in assets under management.
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.
2019: Sold Home in Southampton
In 2019, Scott Bessent sold his 10,700-square-foot home in Southampton, New York, for $19 million, a profit from the purchase price in 2010.
2021: Sold Unit at 720 Park Avenue
In 2021, Scott Bessent sold his unit at 720 Park Avenue for $15 million, a loss from the purchase price in 2017.
2021: Renovation Received Award
In 2021, the renovation of the John Ravenel House, purchased by Scott Bessent in 2016, received an award from the Preservation Society of Charleston.
2021: Decline or Broke Even after 2017
Starting in 2017, Key Square Group declined or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023, leading to a decrease in assets under management.
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".
2022: Decline or Broke Even after 2017
Starting in 2017, Key Square Group declined or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023, leading to a decrease in assets under management.
2023: Donated to Trump's 2024 Presidential Campaign
In 2023, Scott Bessent donated more than $1 million to Donald Trump's 2024 presidential campaign.
2023: Decline or Broke Even after 2017
Starting in 2017, Key Square Group declined or broke even every year from 2017 to 2021 before making major gains in 2021, 2022 and 2023, leading to a decrease in assets under management.
February 2024: Hosted Fundraiser for Trump
In February 2024, Scott Bessent hosted a fundraiser in Greenville, South Carolina, that raised nearly $7 million for Donald Trump's campaign.
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.
December 2024: Real Estate Holdings Valued
As of December 2024, Scott Bessent and his husband, John Freeman, reportedly bought and sold at least 20 properties valued in total at over $127 million.
December 28, 2024: Bessent's net worth disclosed
On December 28, 2024, Bessent's net worth was disclosed to be at least $521 million, with speculations around $600 million.
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."
March 2025: John Ravenel House Sold
In March 2025, the John Ravenel House, which was purchased by Bessent in 2016, was sold for $18.25 million, plus an additional $3 million for furnishings and fixtures, marking the highest price ever paid for a house in Charleston.
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.
July 2025: Department of Defense Action with MP Materials
In July 2025, the U.S. Department of Defense did something with MP Materials.
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 2025: Clashed with FHFA Director
In September 2025, Scott Bessent reportedly clashed with Federal Housing Finance Agency director Bill Pulte and threatened to punch him.
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: Public Spat with Gavin Newsom
In January 2026, Scott Bessent engaged in a public spat with California Governor Gavin Newsom after Newsom criticized Trump at the 56th World Economic Forum in Davos. The back and forth involved insults and criticisms between the two.
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".
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