President-elect Donald J. Trump's nominee for Treasury Secretary, Scott Bessent, is preparing to divest from numerous funds and investments to avoid potential conflicts of interest, according to The New York Times. In a letter to the Treasury Department's ethics office, Bessent detailed his commitment to transparency and outlined steps to comply with federal ethics rules if confirmed.
Bessent, founder of Key Square Capital Management, plans to close the investment firm and resign from roles with the Bessent-Freeman Family Foundation and Rockefeller University, where he chaired the investment committee. The move underscores his intent to focus solely on his Treasury responsibilities.
Trump nominated Bessent on November 23. Earlier reports suggested Key Square Capital Management could be wound down, sold, or temporarily inactive if he joined the administration. A spokesperson for Bessent declined to comment on these developments.
This marks a significant shift for Bessent, a seasoned money manager with deep ties to Wall Street. His divestment strategy aligns with Trump’s repeated commitment to separate business interests from governmental responsibilities. Trump plans to transfer daily management of his extensive real estate, hotel, and media holdings to his children during his presidency.
Bessent’s nomination reflects Trump’s preference for candidates with robust financial expertise to lead economic policy. As Treasury Secretary, Bessent would play a pivotal role in shaping fiscal strategies for the administration.
This proactive approach to avoiding conflicts of interest demonstrates Bessent’s dedication to ethical governance, a key requirement for public service in the new administration.