Bessent to divest from assets on road to leading Treasury
President-elect Trump’s Treasury Secretary pick Scott Bessent has plans to divest from funds and other investments as he prepares to take over as the country’s top economic official.
In an agreement released Saturday by the Office of Government Ethics ahead of Bessent’s confirmation hearing on Thursday, he outlined his plans.
Bessent, a billionaire hedge fund manager, also shared his financial disclosures ahead of the Senate hearing later this week. Top government officials typically are required to disclose their holdings and divest from ones that could cause a conflict of interest.
“In the event that an actual or potential conflict of interest arises during my appointment, I will consult with an agency ethics official and take the measures necessary to resolve the conflict, such as recusal from the particular matter or divestiture of an asset,” Bessent wrote.
Bessent said he will resign from his position with Key Square Group upon being confirmed by the Senate. He said he would also divest his partnership share in the company “as soon as practicable.” Bessent said he would resign from his positions at other companies and foundations as well.
The documents show the extent of Bessent’s assets and investments that appear to be more than $700 million. It revealed he owns property in North Dakota and the Bahamas, each that could be worth as much as $25 million, The New York Times reported.
Bessent would lead Trump’s economic team, which will be tasked with implementing his lofty tariff plan, which will likely shake up global trade.