If confirmed as Treasury secretary, Scott Bessent will sell stake in hedge fund to avoid conflict of interest

Odaily Odaily Odaily report: If approved by the US Senate, Scott Bessent, the Treasury Secretary nominee of President-elect Trump, will resign from his position at Key Square Group and sell his shares to avoid conflicts of interest. According to a document released by the US Office of Government Ethics, Bessent's resignation will take effect immediately after he is appointed as Treasury Secretary. Within 90 days of Senate confirmation, he will sell his stake in Key Square Group, the macro hedge fund he founded and led. Senior government officials must disclose their assets before Senate confirmation and plan to divest assets that may cause conflicts of interest. The Senate will hold a hearing for Bessent next Thursday (January 16). Bessent disclosed in his personal financial disclosure at least $521 million in assets, and the OGE also released this information on Saturday, but his investment portfolio is almost certainly worth more. He listed nine top-tier assets, all related to his hedge fund. These include two batches of US Treasury bonds, two Invesco funds, and open positions in the value of the US dollar against foreign currencies. He also listed a personal investment of no more than $500,000 in an iShares exchange-traded fund linked to the price of . Like the assets he holds through Key Square Capital, Bessent will divest the cryptocurrency-based ETF. Bessent also listed a residential property in the Bahamas worth at least $5 million and an art and antique collection worth at least $1 million.