President-elect Donald Trump’s pick for Treasury Secretary operates a hedge fund that reaped a massive windfall two years ago — even as global markets sagged.

When Donald Trump announced Friday that hedge fund manager Scott Bessent was his pick for Treasury secretary, there was a massive sigh of relief from the markets, with the yield on the 10-year Treasury falling sharply (a sign that investors think Bessent will help keep inflation cool) and the stock market getting a little bump.

President-elect Trump's nominee to serve as Treasury secretary, Scott Bessent, has a 3-3-3 plan that aims to curb budget deficits while spurring economic growth and energy production.

Hedge fund executive Scott Bessent survived an internal squabble over the role of Treasury secretary, a key position that will face almost immediate deadlines and pressures.

Bessent is married to his husband, John Freeman. Freeman is a former New York City prosecutor. Bessent and his husband, Freeman, reportedly share two children together. The family keeps their personal life away from the public eye. As of 2024, Bessent has a net worth of $1 billion, according to Celebrity Net Worth.

If confirmed, Bessent would runn the department that manages the nation's finances as well as its tax agency, the Internal Revenue Service.