President-elect Donald Trump has nominated gay billionaire hedge fund executive Scott Bessent as U.S. Treasury secretary. If confirmed, Bessent would lead Trump’s economic team and was viewed positively by Wall Street, according to reports.
Trump made the announcement November 22.
Once a prolific donor to Democrats and a protégé of liberal billionaire philanthropist George Soros, if confirmed Bessent, 62, would be the first LGBTQ official to lead the Treasury Department and the second gay cabinet secretary after Transportation Secretary Pete Buttigieg, whom President Joe Biden selected in 2021.
“Trump’s selection of Bessent, who is also openly gay, married, and has two children with his partner, is also a reminder of President Trump’s love and respect for LGBT Americans,” the conservative LGBTQ group Log Cabin Republicans said in a statement.
Bessent is married to John Freeman, a former New York City prosecutor.
“Scott Bessent is a terrific choice to become the next Treasury Secretary and the Log Cabin Republicans applaud President Trump for his pick,” the organization wrote. “As one of the most brilliant minds in the financial space and a vocal supporter of President Trump’s economic agenda, Bessent will be a strong asset to help President Trump put America back on the path to financial security and economic prosperity.”
Equality Forum, a national LGBTQ civil rights organization, which oversees LGBTQ History Month, noted the nomination of Bessent in a news release, writing that he “is highly regarded by the financial community and founder of a global macro investment firm.”
Equality Forum Executive Director Malcolm Lazin added, “If confirmed, Bessent will be the highest ranking openly gay U.S. government official in American history.”The Treasury Department is viewed as more high-profile than transportation, and is a key cabinet position.
Politico reported on the selection, noting Bessent will face many challenges.
“To be certain, Bessent — who had flown under the radar of many policymakers prior to this election campaign — will face steep challenges if confirmed,” the publication reported. “Trump has promised to simultaneously cut taxes, impose universal tariffs, and unlock economic growth by boosting domestic energy production and slashing regulations. Corporate America likes a lot of that message — in theory — but reshaping the economy to Trump’s specifications could also disrupt supply chains, drive up prices, and send interest rates even higher.”
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