Bessent to Sell Hedge Fund Stake If Confirmed to Lead Treasury

Washington: So, Scott Bessent is in the spotlight. He’s Donald Trump’s pick for Treasury Secretary, and he’s got some big moves planned. If he gets the Senate nod, he’ll step down from Key Square Group and sell his stake to dodge any conflicts of interest.

Right after he’s confirmed, he’ll have 90 days to unload his interest in the hedge fund he started. This is all part of the rules for high-ranking officials, who need to be transparent about their finances before they take office.

Bessent’s financial disclosure shows he’s got assets worth at least $521 million, but it’s likely even more. He’s got some hefty investments tied to his hedge fund, including U.S. Treasury bills and some funds from Invesco.

He’s also got a personal investment in a Bitcoin ETF, which he’ll have to sell too. By the end of March, Key Square Group will be no more. As Treasury Secretary, he’ll be involved in everything from tax plans to digital asset regulations.

Bessent has some conflicts that will take longer to sort out. He’s invested in funds that limit how much he can withdraw each quarter, so he won’t be able to fully divest until late September. He’s promised to recuse himself from decisions that could affect those investments.

He’s also got some real estate in the Bahamas and a collection of art and antiques worth a pretty penny. When officials have to sell off assets, they can avoid capital gains taxes if they reinvest the money in approved assets within 60 days.

Bessent beat out some big names for the Treasury role, including a former Fed governor and a senator. It’s a competitive spot, and he’s got a lot on his plate if he gets confirmed.