Last year, the hedge fund investor predicted that President-elect Donald J. Trump’s political prospects were improving.
During the intense 2000 presidential campaign, Vice President Al Gore paused his efforts in key battleground states to attend a fundraiser for the Democratic National Committee in East Hampton, N.Y. On stage with Mr. Gore was Scott Bessent, a hedge fund manager and prominent Democratic donor who co-hosted the event at his home.
Fast forward to Friday evening, when President-elect Donald J. Trump selected Mr. Bessent as his Treasury secretary. Having earned the trust of Mr. Trump and his inner circle, Mr. Bessent is set to lead a Republican economic agenda focused on tax cuts, reducing federal regulations, and implementing significant tariffs.
This appointment marks a remarkable shift in Mr. Bessent's career, as he was once a protégé of liberal billionaire philanthropist George Soros and had contributed to top Democrats like Hillary Clinton, John Kerry, and Barack Obama.
“He was very supportive of the causes and the people that we supported,” remarked Will Trinkle, a Democrat who co-hosted the event with Mr. Gore. He emphasized that Mr. Bessent, who will be the first openly gay Treasury secretary, has been a strong advocate for gay rights and marriage equality.
If confirmed by the Senate, Mr. Bessent would assist Mr. Trump in his efforts to reshape the U.S. economy. As Treasury secretary, he would be responsible for guiding tax cuts through Congress, leading trade negotiations with China, and helping to reduce federal regulations that Mr. Trump believes are hindering economic growth.
Mr. Bessent, 62, declined an interview request. However, friends and former colleagues characterize him as data-driven and intellectually curious, noting his ability to collaborate with individuals from a wide range of ideological and political backgrounds.
Growing up in a fishing village in South Carolina, Mr. Bessent is the son of a real estate developer who faced numerous financial ups and downs. He later attended Yale University, where he served as class treasurer, contributed to The Yale Daily News, and considered a career in journalism.
During his time in college, Mr. Bessent contemplated the difficulties of being a Southerner in New England, noting in a 1981 article that “I was the only one in the dorm who was heartbroken when George Wallace decided not to run for president.”
No comments:
Post a Comment