Jan. 16 (UPI) — Hedge fund executive Scott Bessent will face a Senate confirmation hearing for Treasury secretary on Thursday, which could make him the first openly gay cabinet member of a Republican administration.
Bessent is the CEO of Key Square Group, a hedge fund he founded in Connecticut after playing an executive role with Soros Fund Management. He has been a supporter of Trump’s deregulation push, increasing energy production and cutting taxes.
“Scott has long been a strong advocate of the America First Agenda,” Trump said of Bessent in a previous statement.
“On the event of our great country’s 250th anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the world’s leading economy, center of innovation and entrepreneurialism, and destination for capital.”
Democrats are expected to attack Bessent on a memo reported by Politico charging that he claimed almost $2 million in tax losses and that he owes $1 million in taxes connected to his hedge fund.
The memo probes losses Bessent attributed to the conservative book publishing house All Seasons Press, which includes titles about Trump supporters Tucker Carlson and Peter Navarro.
He is also expected to face tough questioning from Senate fiscal watchdog Sen. Elizabeth Warren, D-Mass., on his positions on deregulation of banks, tax cuts, and other issues.
“However, deregulation of the financial industry set the stage for the 2008 financial crisis and the worst recession in decades,” Warren wrote in an op-ed back in November about Bessent’s nomination.
