History of Scott Bessent in Timeline

Scott Bessent is an American government official, investor, and hedge fund manager. He currently serves as the 79th United States Secretary of the Treasury (since 2025). Prior to his government role, Bessent 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 U.S. Secretary of the Treasury.

Others born on this day/year

1984: Graduation from Yale University

In 1984, Scott Bessent earned a bachelor's degree in political science from Yale University, where he was also involved in various extracurricular activities such as being an editor of The Yale Daily News and president of Wolf's Head Society.

1984: Graduates from Yale and Joins Finance

In 1984, Scott Bessent graduated from Yale University and subsequently began his career in the finance industry.

1991: Joins Soros Fund Management

In 1991, Scott Bessent joined Soros Fund Management (SFM) and became a partner, remaining there throughout the 1990s.

1992: Profits from Black Wednesday

In 1992, Scott Bessent was instrumental in a bet against the British pound on Black Wednesday, which earned over $1 billion for Soros Fund Management.

1992: Bet on Sterling Crisis

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

2000: Fundraiser for Al Gore

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

2000: Founds Hedge Fund

In 2000, Scott Bessent resigned from Soros Fund Management and founded a $1 billion hedge fund.

2005: Hedge Fund Closure

In 2005, Scott Bessent's $1 billion hedge fund closed, leading him to reflect on the importance of maintaining his firm's approach regardless of investor preferences.

2006: Becomes Adjunct Professor at Yale

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

2011: End of Yale Professorship

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

2011: Marriage to John Freeman

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

2011: Returns to SFM

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

2013: Profits from Japanese Yen

In 2013, Scott Bessent's bet against the Japanese yen generated additional profit for Soros Fund Management.

2015: Key Square Group Founded

In 2015, Scott Bessent founded Key Square Group, along with Michael Germino, receiving a $2 billion anchor investment from George Soros.

2015: Establishes Key Square Group

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

2015: Leaves SFM

In 2015, Scott Bessent left Soros Fund Management to start a new firm, Key Square Group.

2016: Key Square's Returns Increase

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

2016: Donation to Trump's Inaugural Committee

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

2016: Purchase of John Ravenel House

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

2017: Key Square's Assets Peak

At the end of 2017, Key Square's assets under management reached $5.1 billion.

2017: Donation to Trump's Inaugural Committee

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

2018: Returns Soros Capital

In 2018, Key Square Group returned the capital invested by George Soros as part of a prearranged deal, while simultaneously taking in other assets from new investors.

2021: Gains in 2021

In 2021, Key Square saw major gains after years of decline or breaking even.

2021: Carolopolis Award

In 2021, the restoration project on the John Ravenel House, which Scott Bessent had purchased, received the Preservation Society of Charleston's Carolopolis Award.

2022: Gains in 2022

In 2022, Key Square saw major gains.

2022: Foundation and Center Openings

In 2022, Scott Bessent opened two foundations and created the McLeod Rehabilitation Center at the Shriners Hospital for Children in Greenville, South Carolina.

2022: Article Commemorating Shinzo Abe

In 2022, Scott Bessent wrote an article commemorating former Japanese prime minister Shinzo Abe, praising Trump's policy on China and Abe's multilateral solution for containment.

2023: Asset Decline at Key Square Group

In 2023, Key Square Group experienced a significant decline in assets under management, shrinking to $577 million, along with a decrease in institutional investors.

2023: Donation to Trump Campaign

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

February 2024: Fundraiser for Trump

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

April 2024: Fundraiser for Trump Campaign

In April 2024, Scott Bessent co-hosted a fundraiser in Palm Beach, Florida, which raised $50 million for Donald Trump's campaign.

July 2024: Economic Advisor to Trump

In July 2024, Bloomberg Businessweek reported that Scott Bessent was a key economic advisor to Donald Trump, proposing a three-point economic plan modeled after Shinzo Abe's 'Three Arrows' economic policy.

October 11, 2024: Bloomberg Radio Broadcast

On October 11, 2024, Scott Bessent described his plan for a 'shadow Fed chair' on a broadcast on Bloomberg Radio.

November 2024: Nominated for Treasury Secretary

In November 2024, Donald Trump nominated Scott Bessent for the position of Treasury Secretary after Bessent served as a major donor, fundraiser, and economic advisor for Trump's 2024 presidential campaign.

November 2024: Op-Ed on Tariffs

In November 2024, Scott Bessent wrote an op-ed for Fox News in which he praised Trump's proposal to implement tariffs, arguing they "are a means to finally stand up for Americans".

November 2024: Pink Palace Listed for Sale

In November 2024, the John Ravenel House, known as the "Pink Palace", owned by Scott Bessent, was listed for sale for $22,250,000.

November 22, 2024: Nomination as Treasury Secretary

On November 22, 2024, President-elect Donald Trump announced his intention to nominate Scott Bessent as the United States Secretary of the Treasury, making Bessent the first openly gay treasury secretary.

December 10, 2024: Sale of Pink Palace Under Contract

As of December 10, 2024, the sale of Scott Bessent's "Pink Palace" 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, Scott Bessent's net worth is at least $521 million.

2024: Donation to Trump Campaign

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

2024: Proposed Shadow Fed Chair

In a 2024 interview in Barron's, Scott Bessent proposed an alternative to replacing 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, effectively creating a 'shadow Fed chair'.

January 16, 2025: Senate Committee Hearing

On January 16, 2025, Scott Bessent appeared before the United States Senate Committee on Finance where he defended plans to impose tariffs, supported tax cut extensions, and advocated for stricter 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, the United States Senate confirmed Scott Bessent as Treasury Secretary by a vote of 68–29.

January 28, 2025: Sworn in as Secretary of Treasury

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

February 3, 2025: Named Acting Director of CFPB and Tasked with Sovereign Wealth Fund

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

March 2025: Defends Tariffs

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

2025: Becomes Secretary of Treasury

In 2025, Scott Bessent assumed the role of the 79th United States Secretary of the Treasury, marking a significant milestone in his career.

May 2026: Powell's Term Ends

In a 2024 interview in Barron's, Scott Bessent proposed an alternative 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".