(Reuters) -Scott Bessent, the investor chosen by President-elect Donald Trump to be his Treasury secretary, will divest from his Key Sq. Group hedge fund and different investments, based on a letter to the Treasury Division’s ethics workplace.
Bessent outlined the steps he would take to “avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of Secretary of the Department of Treasury,” based on the letter.
The cash supervisor, tapped by Trump on Nov. 23 to be the highest U.S. financial policymaker, mentioned he would resign from his place in Bessent-Freeman Household Basis.
He additionally plans to shutter Key Sq. Capital Administration, the funding agency he based, based on the New York Instances (NYSE:), which first reported Bessent’s divestments.
Reuters reported in November that if Bessent had been to take a job within the new administration, Key Sq. could possibly be wound down, offered, or put in “sleep mode.”
A spokesperson for Bessent declined to remark.
On Friday, Trump repeated the monetary association that he made throughout his first time period, handing over day by day administration of his multi-billion-dollar actual property, lodge, golf, media and licensing portfolio to his kids when he enters the White Home.
