Scott Bessent Prepares for Treasury Role with Key Divestments

President-elect Donald Trump’s Treasury Secretary nominee, Scott Bessent, is preparing for his new role by divesting from various funds, trusts, and investments. According to The New York Times, Bessent has outlined steps to prevent any conflicts of interest if confirmed.

In a letter to the Treasury Department's ethics office, Bessent committed to closing Key Square Capital Management, the investment firm he founded. Additionally, he plans to resign from his roles at the Bessent-Freeman Family Foundation and Rockefeller University, where he chairs the investment committee.

Trump announced Bessent's nomination on November 23. While Reuters has not reviewed the document cited by the Times, sources previously indicated that Key Square could either shut down, be sold, or remain dormant if Bessent joined the administration.

A spokesperson for Bessent declined to comment on the matter.

This follows Trump’s decision to transfer daily management of his real estate, hotel, and licensing portfolio to his children during his presidency, reiterating a similar arrangement made in his first term.

Bessent’s measures reflect his commitment to ethical compliance as he transitions into one of the nation’s most influential financial roles.