Scott Bessent, founder and CEO of Key Square Group LP, was interviewed in Washington, DC, United States, Friday, June 7, 2024.
Stephanie Reynolds | Bloomberg | Getty Images
President-elect Donald Trump has expressed interest in nominating hedge fund executive Scott Bessent as Treasury Secretary, sources told CNBC and NBC News.
The founder of Key Square Group is considered a front-runner for the job, along with several other top contenders including former Federal Reserve governor Kevin Warsh and private equity executive Marc Rowan Candidate.
As Treasury secretary, Bessant, 62, will be both the U.S. fiscal watchdog and a key official in helping Trump implement his ambitious economic agenda. He is both a Wall Street heavyweight and an advocate for many of the incoming president’s economic goals, and he will take office at a critical time as the United States grapples with economic growth and chronically worsening debt and deficit problems.
Like Trump, Bessant favors gradual tariffs and deregulation to boost U.S. business and control inflation. Additionally, Bessant advocates for a manufacturing renaissance and energy independence.
“If you’re going to think about the market and think about what’s important, this guy is smart,” said a source familiar with Trump’s thinking who spoke on condition of anonymity to speak candidly. “There aren’t many people who understand the market better than Bessant.”
The future nominee also has deep philanthropic ties through Yale University, Rockefeller University and the Trust for the Preservation of Classical American Homes.
One obstacle Bessant must overcome is his past relationship with billionaire investor and global gadfly George Soros. Bessant serves as chief investment officer of Soros Funds.
CNBC has reached out to the Trump transition team for comment.
Trump’s apparent decision to appoint Bessant to the key post follows a week of intense speculation over who would win. Over the past day, the Wall Street Journal published a report suggesting that Warsh could get the job and then work there until mid-2026, when he would move to the Fed and take up the post after Jerome Powell’s term expires Chairman of the Federal Reserve.
Making Bessant the finance minister could clear the way for Warsh to eventually take over at the central bank, although he is also considered a contender to head the National Economic Council.
