Business leaders and markets have reacted positively to President-elect Donald Trump’s choice of hedge fund manager Scott Bessent as Treasury Secretary, relieved that a decision has finally been reached after a competitive selection process.
Several CEOs, previously anxious about the protracted search and the various concerns surrounding other candidates, expressed relief. Bessent, a global macro investor, was widely seen as the only contender possessing the necessary qualifications, competence, and ability to collaborate effectively with Trump. As one source stated, “Bessent has the backing of everybody on Wall Street.”
Despite a career largely out of the public eye, Bessent enjoys a strong reputation as a seasoned investor, shrewd businessman, and entrepreneur with extensive experience in navigating global markets. His network of supporters, mentors, and business partners represents a veritable who’s who of Wall Street, spanning various institutions and political affiliations.
Beginning his career on Wall Street as an intern for renowned investor Jim Rogers, Bessent worked at Brown Brothers Harriman before joining Jim Chanos, the short-seller known for accurately predicting the failures of Enron, Wirecard, and other companies. He later partnered with George Soros at Soros Fund Management, where, alongside Stanley Druckenmiller, he played a crucial role in Soros’s highly successful 1992 shorting of the British pound, generating over $1 billion in profit.
Approximately half of the $4 billion in capital backing Bessent’s own firm, Key Square, originated from Soros investments. If confirmed by the Senate, Bessent would be the first openly gay Treasury Secretary in U.S. history. He is a Yale alumnus and a significant benefactor of the university.
The business community anticipates Bessent will foster strong relationships with business leaders and policymakers across the political spectrum to stimulate economic growth and realize Trump’s vision of a “golden age” of American economic opportunity. Unlike some of Trump’s other cabinet appointees, Bessent is viewed as a problem-solver with broad-based support that transcends ideological and sectoral divides. While a longtime Republican and loyal Trump supporter, Bessent has also contributed generously to Democratic presidential campaigns, including those of Al Gore and Barack Obama. His nomination for Treasury Secretary was backed by a diverse group including former Trump National Economic Council director and Fox Business anchor Larry Kudlow, former Trump advisor Steve Bannon, JPMorgan CEO Jamie Dimon, Evercore Senior Chairman Roger Altman, and Hayman Capital Founder Kyle Bass.
Bessent’s approach is expected to be particularly valuable in addressing contentious issues like tariffs, a source of significant apprehension among business leaders regarding Trump’s economic policies. While Bessent has voiced strong support for tariffs, many CEOs concur—provided they are targeted, selective, and carefully implemented. Bessent downplays the inflationary concerns of most economists and the potential for retaliatory measures from trading partners that many CEOs fear, suggesting Trump intends to use tariffs primarily as a negotiating tactic.
Balancing American economic growth with Trump’s tariff preferences will undoubtedly present challenges for Bessent, but the business community is eager to collaborate in forging a constructive path forward. Trump’s selection of Bessent significantly improves the prospects of achieving this goal.
Bessent’s successful nomination demonstrates his ability to prevail against powerful opponents within the Trump camp. While economists and business leaders may disagree with some of his decisions, they are likely to respect his decision-making process. Bessent’s history of engagement offers genuine cause for optimism regarding the future growth of the American economy.
