Scott Bessent Named Treasury Secretary

Scott Bessent was officially sworn in as the 79th Secretary of the Treasury on January 28, 2025, in a ceremony conducted by Supreme Court Justice Brett M. Kavanaugh.

Following the ceremony, Bessent was welcomed by Treasury Department employees at the agency’s headquarters on Pennsylvania Avenue. He then commenced his first day in office with meetings alongside senior Treasury officials.

As Treasury Secretary, Bessent manages the U.S. government’s finances. He will oversee the department’s efforts to maintain economic stability, foster growth, and create job opportunities. Of importance to collectors, the Treasury Department oversees the United States Mint and the Bureau of Engraving and Printing. In his role, Bessent will select designs for U.S. currency, both circulating and commemorative, and medals. Aiding Bessent are the Citizens Coinage Advisory Committee and the Commission of Fine Arts, which recommend motifs before sending them to the Treasury Secretary for final approval.

Background

Bessent brings four decades of experience in global investment management. He has visited 60 countries and worked closely with international leaders and central bankers. Recognized as a specialist in currency and fixed-income markets, Bessent has contributed extensively to economic journals and business publications.

Bessent has previously served as CEO and chief investment officer of Key Square Capital Management, a global macro hedge fund he founded in 2015. He previously served as chief investment officer of Soros Fund Management and was managing partner of the firm’s London office from 1991 to 2000. Bessent also taught economic history as an adjunct professor at Yale University.

A South Carolina native, Bessent earned his bachelor’s degree from Yale University. His family has been involved in agriculture, publishing, and hospitality industries. He and his family also established the McLeod Rehabilitation Center at Shriners Children’s Hospital in Greenville, South Carolina.