Trump Treasury selects Bessent to separate assets to avoid conflicts, reports NY Times Via Reuters
(Reuters) – President-elect Donald J. Trump’s pick for Treasury secretary, Scott Bessent, plans to part with dozens of funds, trusts and investments to prepare for his new role, The New York Times (NYSE:) reported on Saturday.
In a letter to the Treasury Department’s ethics office, the money manager outlined steps he would take to “avoid any real or perceived conflict with my confirmation as Treasury Secretary,” the report said. added.
He also said he would close Key Square Capital Management, the investment firm he founded, and resign from his company, the Bessent-Freeman Family Foundation, and from Rockefeller University, where he chaired the investment committee, the Times said.
A spokesman for Besent declined to comment.
Trump nominated Bessent on November 23. Reuters has not seen the document cited by the Times, but previously reported that a source said that if he were to take the job in the new administration, Key Square could be demolished, sold, or put into “dormant mode.”
On Friday, Trump repeated the financial plan he made during his first term, handing day-to-day management of his real estate, hotel, golf, media and licensing assets to his children when he entered the White House.
