Scott Bessent, the hedge-fund manager chosen by President-elect Donald Trump to lead the Treasury Department, has outlined his plans to address potential conflicts of interest if confirmed by lawmakers. In a letter to Treasury’s ethics officials, Bessent pledged to divest from numerous investments and resign from his firm.
As part of his commitment to transparency and ethical conduct, Bessent disclosed assets valued at over $500 million, including stocks, bonds, cash, bitcoin, real estate in the Bahamas, and farmland in North Dakota. He also revealed his intention to step down from Key Square Group, the hedge fund he founded in Connecticut, and sell his partnership stake within 90 days of confirmation.
In the event of any conflict of interest during his tenure, Bessent assured that he would consult with ethics officials and take necessary actions such as recusal or divestiture to address the issue promptly. He has also agreed not to engage in matters related to Key Square for a year unless authorized.
Furthermore, Bessent committed to divesting from various assets within 90 days of confirmation, including shares in companies like Verizon and Archer Daniels Midland, as well as currency positions and investments in gold and bitcoin.
By proactively addressing potential conflicts of interest and demonstrating a willingness to adhere to ethical standards, Scott Bessent aims to navigate his confirmation process smoothly and uphold the integrity of the Treasury Department under the new administration.
