Donald J. Trump, the President-elect, has picked Scott Bessent to be the new Treasury secretary. To prepare for this role, Bessent plans to sell off many of his investments and funds. In a letter to the Treasury Department’s ethics team, he explained how he wants to avoid any conflicts of interest if confirmed for the job.
Bessent said he will close down Key Square Capital Management, the investment firm he started. He will also step down from the Bessent-Freeman Family Foundation and leave his position at Rockefeller University, where he leads the investment committee.
A spokesperson for Bessent chose not to comment. Trump nominated Bessent on November 23. If he takes the Treasury job, Key Square may be sold or put on hold. Meanwhile, Trump is repeating a financial plan from his first term. He is passing control of his huge real estate and business portfolio to his children when he starts his time in the White House
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