Out billionaire hedge fund manager Scott Bessent will be nominated by Donald Trump to be secretary of the treasury. If confirmed, he will be the first out LGBTQ+ Cabinet secretary ever nominated by a Republican president, and only the second out LGBTQ+ Cabinet secretary at all, after Transportation Secretary Pete Buttigieg.

Bessent is the founder of the hedge fund Key Square Capital Management. He is also affiliated with George Soros, serving as chief investment officer for Soros’ fund in the past. Soros is a liberal philanthropist who is also Jewish and is often included in rightwing conspiracy theories.

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Bessent donated to Trump’s campaign and was an economic advisor for the campaign.

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CNBC reports that Bessent was likely picked because he favors similar economic policies to Trump, including tariffs and deregulation. He donated an estimated $10 million to $15 million to Republicans this election cycle.

Bessent literally ran to join Trump onstage at an August 14 rally in Asheville, North Carolina, after Trump called him “one of the most brilliant men on Wall Street.” In his brief comments, Bessent said, “Look, this is a Trump economy. This is a Trump stock market,” implying that the economy is thriving in anticipation of Trump winning in November.

“At the end of the day, Donald Trump wants to have a good economy, and he won’t do anything to take the economy off the cliff,” Bessent told Barrons.

“Scott has long been a strong advocate of the America First Agenda,” Trump said in a statement. “On the eve of our Great Country’s 250th Anniversary, he will help me usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the U.S. Dollar as the Reserve Currency of the World.”

Bessent lives with his husband, prosecutor John Freeman, and their two children in Charleston, South Carolina.

While it might not seem like the Treasury Department has much to do with LGBTQ+ issues, next session’s Republican Congress appears ready to give Trump the authority to strip the nonprofit status of any organization the administration deems to have supported terrorism without providing evidence, which could include LGBTQ+ and trans organizations. Such declarations would have to be made by the Treasury Department.

“Trump’s selection of Bessent, who is also openly gay, married, and has two children with his partner, is also a reminder of President Trump’s love and respect for LGBT Americans,” said Charles Moran, president of Log Cabin Republicans, in a statement.

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