Who is Scott Bessent? While he is the nominee to replace Janet Yellen as the U.S. Secretary of the Treasury, unlike a few of the other cabinet nominees, he wasn’t exactly someone with a household name. A former hedge fund manager, Bessent made his reputation on “macroinvesting,” the practice of using economic data, including deep knowledge of global events, to make investments related to various currencies, markets, interest rates, and other financial assets worldwide. His support of tariff policies reflects this background and influenced his desire to move from the private sector into public life. Bessent believes that tariffs will boost economic growth and potentially increase tax revenues, a position that has both some proponents and critics.1,2 Some have described Bessent’s demeanor as “reserved” and “professorial.” He has, in fact, taught economic history at Yale and calls on a deep knowledge of financial history to inform his successful investments against the British Pound in 1991 and the Japanese Yen across the early 2010s.1,2 On the personal front, Bessent would be the first openly LGBT cabinet secretary in a Republican administration. He is married to a former New York City prosecutor, John Freeman, and they raise their two children in Charleston, SC. He has supported candidates of both parties since the early 2000s.1,2 As one of the White House's key advisors, Bessent will be asked to bring a clear set of perspectives to the incoming administration. I am curious to see what he brings to the table. |
1. WSJ, November 25, 2024 |
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