Scott Bessent to Resign from Key Square Group Amid Treasury Secretary Nomination

According to Odaily, Scott Bessent, nominated by President-elect Trump for the position of U.S. Treasury Secretary, plans to resign from his role at Key Square Group and sell his shares to avoid conflicts of interest, pending Senate approval. A document from the U.S. Office of Government Ethics indicates that Bessent's resignation will take effect immediately upon his appointment as Treasury Secretary. He is required to divest his holdings in Key Square Group, a macro hedge fund he founded and led, within 90 days of Senate confirmation. Senior government officials must disclose their assets before Senate confirmation and plan to divest any that could pose conflicts of interest. The Senate hearing for Bessent is scheduled for next Thursday, January 16. Bessent's personal financial disclosure reveals assets valued at a minimum of $521 million, as reported by the Office of Government Ethics on Saturday, though his portfolio is likely worth more. He listed nine top-tier assets, all related to his hedge fund, including two batches of U.S. Treasury bills, two Invesco funds, and open positions in foreign currency values against the U.S. dollar. Additionally, he disclosed a personal investment not exceeding $500,000 in an iShares exchange-traded fund linked to Bitcoin prices. Like his assets held through Key Square Capital, Bessent will divest from the cryptocurrency-based ETF. Bessent also reported owning residential real estate in the Bahamas valued at a minimum of $5 million and an art and antique collection worth at least $1 million.