If confirmed by the Senate, hedge fund manager Scott Bessent would become the highest ranking out gay man in American history.
President-elect Donald J. Trump tapped Bessent to be the next Secretary of Treasury, a cabinet position that is fifth in the presidential line of succession.
Trump said Bessent would help “usher in a new Golden Age for the United States as we fortify our position as the world’s leading economy.”
Bessent, 62, lives in a historic mansion — known as the Pink Palace — in Charleston, South Carolina with his husband and two children.
Log Cabin Republicans applauded the selection, calling Bessent a terrific choice and one of the most brilliant minds in finance.
“Bessent will be a strong asset to help President Trump put America back on the path to financial security and economic prosperity,” said LCR President Charles Moran.
Early in his career, Bessent worked for George Soros, the billionaire investor, vilified for decades by Republicans. In 2016, Bessent, with $4.5 billion in capital, started the Key Square Group, a geopolitical firm specializing in macro investments.
Elon Musk, Trump’s bestie advisor, opposed Bessent’s candidacy, saying he represented “business as usual.”
With Republicans now in control of the Senate, Bessent’s confirmation is likely, making him the first out gay man to serve as Treasury Secretary. Moran said his nomination is a “reminder of President Trump’s love and respect for LGBT Americans.”
RELATED
Conservative Lawyer Who Overturned California's Same-Sex Marriage Ban Dies at 84
