Scott Bessent, founder and CEO of Key Square Group LP, was interviewed in Washington, DC, the United States, on 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 Key Square Group founder is considered a front-runner for the job, along with several other strong contenders.
As Treasury secretary, Bessent, 62, will be both a watchdog on the U.S. finances 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 the gradual imposition of tariffs and deregulation to boost U.S. business and control inflation. In addition, Bessant also advocates for a manufacturing renaissance and energy independence.
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 the Soros Foundation.
CNBC has reached out to the Trump transition team for comment.
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