WASHINGTON (dpa-AFX) - Scott Bessent has been sworn in as the new Secretary of the U.S. Treasury by Supreme Court Justice Brett M. Kavanaugh.
In the key post in the Trump administration, the Treasury Secretary serves as the principal advisor to the president on all matters pertaining to economic and fiscal policy.
Bessent has been in the global investment management business for 40 years, visiting 60 countries, interacting with international leaders and central bankers. He is regarded as a currency and fixed income specialist. Bessent is a frequent contributor to economic journals and business publications.
Previously, Bessent served as Chief Executive Officer and Chief Investment Officer of Key Square Capital Management, a global hedge fund focused on macro investing that he founded in 2015. Prior to that, Bessent was the Chief Investment Officer of Soros Fund Management. He was also an adjunct professor at Yale University, where he taught economic history. From 1991 to 2000, he was managing partner of Soros Fund Management's London office.
A long-time advocate and mentor of financial literacy and education programs, Bessent replaces outgoing Secretary of the Department of Treasury Janet Yellen.
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