Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, plans to resign from macro hedge fund Key Square Group and divest his assets to prevent conflicts of interest if confirmed by the Senate, according to a report by Bloomberg.
Citing a document released by the US Office of Government Ethics, the report outlines that Bessent’s resignation would occur immediately upon his confirmation, and he would wind down his involvement in Key Square Group, the hedge fund he founded, within 90 days of Senate approval.
Senior government officials are required to disclose their financial holdings and outline plans to address potential conflicts before Senate confirmation. Bessent’s Senate hearing is scheduled for Thursday.
Bessent’s financial disclosure, released Saturday by the OGE, reported assets valued at a minimum of $521m, though the true value is likely much higher. Nominees are required to categorise asset values in broad ranges, with the highest listed as “over $50,000,000.”
Among his holdings, Bessent identified nine assets in the top range, all connected to Key Square Group. These included two tranches of US Treasury bills, two Invesco funds, and currency positions tied to the dollar’s value against foreign currencies.
In addition, Bessent disclosed a personal investment of up to $500,000 in an iShares ETF linked to Bitcoin. Like his other assets in Key Square Capital, he plans to divest this crypto-based ETF. According to his filing, Key Square Group is set to be wound down by the end of March.
As Treasury Secretary, Bessent would influence significant policy areas, including tax reform and digital asset regulation. An advocate for adjusting US currency policy, Bessent has stopped short of endorsing explicit measures to devalue the dollar. During Trump’s first term, the then-president criticised the strong dollar for its impact on US manufacturers and considered government actions to manage its value.
Some of Bessent’s financial interests may take longer to divest. He holds at least $250,000 in three funds that limit quarterly withdrawals to 25% of his investment, delaying full divestment until late September, beyond the typical 90-day window. Bessent has committed to recusing himself from any decisions that could directly affect these investments.
