History of Scott Bessent in Timeline

Scott Bessent is an American businessman and current United States Secretary of the Treasury. Previously a partner at Soros Fund Management (SFM), he founded Key Square Group, a global macro investment firm. Bessent is notable for being the first openly gay person to lead the U.S. Treasury Department, 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.

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 is an American businessman and government official.

Others born on this day/year

1980: Graduated High School

In 1980, Scott Bessent graduated from North Myrtle Beach High School.

1984: Graduated from Yale College

In 1984, Scott Bessent graduated from Yale College with a Bachelor of Arts degree in political science and was involved in various activities including the Yale Daily News, Wolf's Head Society, and Yale Alumni Fund.

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 Soros Fund Management group, Scott Bessent profited by $1 billion on Black Wednesday during the British pound sterling crisis.

1992: Leading Member of SFM Team

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

2000: Fundraiser for Al Gore

In 2000, Scott Bessent hosted a fundraiser for Al Gore at his home. Also in 2000, he donated $1,000 to John McCain's presidential campaign.

2000: Founded Bessent Capital

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

2005: Bessent Capital Closed

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

2006: Adjunct Professor at Yale

In 2006, Scott Bessent began serving as an adjunct professor of economic history at Yale University.

2007: Donation to Barack Obama

In 2007, Scott Bessent donated $2,300 to Barack Obama's campaign.

2011: Bessent's Marriage to John Freeman

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

2011: Returned to Soros Fund Management

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

2011: End of Professorship at Yale

In 2011, Scott Bessent stopped serving as an adjunct professor of economic history at Yale University.

2013: Donation to Hillary Clinton

In 2013, Scott Bessent donated $25,000 to Hillary Clinton's campaign.

2013: SFM Profits Betting Against Japanese Yen

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

2015: Launched Key Square Group

In 2015, Scott Bessent launched Key Square Group, a hedge fund, with Michael Germino.

2015: Left Soros Fund Management

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

2015: Bessent Establishes Key Square Group

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

2016: Donated to Trump Inaugural Committee

After Donald Trump was elected president in 2016, Scott Bessent donated $1 million to Trump's 2017 presidential inaugural committee.

2016: Key Square Main Fund Returned 13%

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

2017: Beginning of Inconsistent Track Record

From 2017 to 2021, Key Square Group's main fund declined or broke even each year.

2017: Donation to Trump Inaugural Committee

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

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.

2021: Major Gains Achieved

In 2021, Key Square Group saw major gains after a period of inconsistent performance.

2022: Bessent Praises Trump and Abe for Containing China

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

2022: Another Year of Major Gains

In 2022, Key Square Group experienced another year of major gains.

2023: Assets Under Management Shrank

In 2023, Key Square Group's assets under management shrank significantly, and the number of institutional investors declined.

2023: Donated to Trump Campaign

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

February 2024: Hosted Fundraiser for Trump Campaign

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

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

In November 2024, Bessent wrote a Fox News op-ed arguing that while the U.S. opened its markets to the world, China's economic growth has only strengthened a despotic regime, and tariffs are necessary to stand up for Americans.

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

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

December 28, 2024: Bessent's Net Worth Disclosure

On December 28, 2024, according to his financial assets disclosure, Bessent's net worth was at least $521 million, speculated to be around $600 million. His holdings included over $50 million in the SPDR S&P 500 ETF Trust, the Invesco S&P 500 Equal Weight ETF, and the Invesco QQQ, along with real estate in the Bahamas and North Carolina.

2024: Profited from Trump's Election Win

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, advocating 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. A man was arrested at the Capitol with Molotov cocktails who intended to murder Bessent.

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.

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 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 (CFPB) 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 on Canada and Mexico

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

April 2025: Bessent Warns Against Retaliation to Tariffs

In April 2025, after Trump announced Liberation Day tariffs, Bessent warned countries against retaliating, promising escalation.

July 2025: Department of War Action with MP Materials

In July 2025, the U.S. Department of War did something with MP Materials, prompting Scott Bessent to say the U.S. would work to create a strategic mineral reserve.

August 2025: Bessent Accuses India of Profiting from Russian Oil

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

September 2025: Bessent Supports More Sanctions on Russia

In September 2025, Bessent advocated for more secondary sanctions on Russia to collapse its economy, indicating the Trump administration's willingness to increase pressure but needing European partners' support.

September 2025: Clashed with FHFA Director

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

September 24, 2025: Economic Lifeline to Argentina Announced

On September 24, 2025, Scott Bessent announced a planned $20 billion economic lifeline to Argentina to purchase government bonds.

October 15, 2025: U.S. to Create Strategic Mineral Reserve

On October 15, 2025, Scott Bessent said the U.S. would work to create a strategic mineral reserve and potentially set price floors across multiple industries to reduce reliance on China.

October 22, 2025: Sanctions Imposed 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 writing a statement about the action.

November 2025: Voiced Support for Sale of F-35 Fighter Jets

In November 2025, Scott 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, which provided a rental income of up to $1 million per year, as part of his ethics agreement as secretary of the treasury.

2025: Supports Abolition of the U.S. Senate Filibuster

In 2025 Scott Bessent supported establishing a U.S. sovereign wealth fund, raising FDIC insurance limits on bank accounts and also supports abolition of the U.S. Senate filibuster.

2025: Appointed Secretary of the Treasury

In 2025, Scott Bessent began serving as the 79th United States Secretary of the Treasury.

2025: Treasury to Reclassify Tax Credits

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

2025: Bessent Comments on Iran's Economic Collapse

In 2025, reacting to the 2025–2026 Iranian protests, Bessent acknowledged that the Iran's economic downturn 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: 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.

January 2026: Bessent Supports Alberta Separatism

In January 2026, amid strained Canadian-U.S. relations, Bessent voiced support for Alberta separatism and a potential 2026 independence referendum. He cautioned Canadian prime minister Mark Carney that criticisms of Trump's trade policies might lead to a review of the USMCA.

January 2026: US Treasury Department Imposed Sanctions

In January 2026, the US Treasury Department imposed sanctions on Iranian officials responding to Iran's crackdown on protestors, with Scott Bessent sending a warning message.

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.

May 2026: Proposed Early Confirmation for Fed Chair

In May 2026, Scott Bessent proposed seeking an early confirmation of a replacement for Chair of the Federal Reserve Jerome Powell, prompting some criticism, but later "walked back" the idea.

2026: Bessent Declares the Iranian Economy is on the Ropes

In 2026, reacting to the 2025–2026 Iranian protests, Bessent declared that "the Iranian economy is on the ropes," asserting that U.S. actions had caused a dollar shortage and collapse of the Iranian rial.