Scott Bessent, President-elect Trump's nominee for Treasury Secretary, plans to divest from his hedge fund and other investments to avoid conflicts of interest.
Scott Bessent, who U.S. President-elect Donald Trump has nominated to lead the U.S. Treasury Department, will divest from his Key Square Group hedge fund and other investments, according to a letter to the Treasury Department's ethics office. Bessent outlined the steps he would take to 'avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of Secretary of the Department of Treasury,' according to the letter.
The money manager, tapped by Trump on Nov. 23 to be the top U.S. economic policymaker, said he would resign from his position in Bessent-Freeman Family Foundation. He also plans to shutter Key Square Capital Management, the investment firm he founded, according to the New York Times, which first reported Bessent's divestments. Reuters reported in November that if Bessent were to take a job in the new administration, Key Square could be wound down, sold, or put in 'sleep mode'.The U.S. Senate Finance Committee said on Friday that it would hold a Jan. 16 nomination hearing on Bessent. On Friday, Trump repeated the financial arrangement that he made during his first term, handing over daily management of his multibillion-dollar real estate, hotel, golf, media and licensing portfolio to his children when he enters the White House
TRUMP FINANCE INVESTMENT DIVESTMENT SENATE
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Incoming Treasury to Sell Bitcoin ETF HoldingsHedge fund manager Scott Bessent is on track to liquidate his Bitcoin ETF holdings
Read more »
TikTok at Supreme Court: What to know as divest-or-ban deadline loomsPolitical News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »
Pence-led group urges Supreme Court to uphold TikTok divest-or-ban law: ‘Digital fentanyl’Political News and Conservative Analysis About Congress, the President, and the Federal Government
Read more »
Treasury Cracks Down on North Korean Sanctions Evasion Through Crypto LaunderingCrypto Blog
Read more »
Trump taps ex-Treasury official Miran as chair of Council of Economic AdvisersTrump taps ex-Treasury official Miran as chair of Council of Economic Advisers
Read more »
Stocks Week Ahead: Treasury Auctions Could Drive Further Bear SteepeningMarket Overview Analysis by Michael Kramer covering: Euro US Dollar, US Dollar Japanese Yen, Nasdaq 100, S&P 500. Read Michael Kramer's latest article on Investing.com
Read more »