Trump’s new Treasury secretary is the highest-ranking LGBTQ official in history
Newly minted Treasury Secretary Scott Bessent is now the highest ranking openly LGBTQ official in American history.
Bessent — who was nominated by President Donald Trump shortly after his election — was confirmed by the U.S. Senate in a 68-29 vote on Jan. 27.
As head of the Treasury, the 62-year-old is fifth in line for the presidency, following the secretary of State.
Before him, there have been two other openly LGBTQ officials in Cabinet-level positions, according to the Center for Presidential Transition.
The first was Richard Grenell, who served as acting director of National Intelligence during Trump’s first term. He was followed by Pete Buttigieg, who served as secretary of Transportation under former President Joe Biden.
Who is Scott Bessent?
Born and raised in coastal South Carolina, Bessent studied at Yale University before embarking on a career in finance.
“I accepted my first internship in finance because the job came with a pullout sofa in the office to sleep on, which allowed me to live in New York City rent free,” he said in prepared remarks during his confirmation hearing. “I’ve been involved in the financial markets ever since.”
For close to 15 years, he worked at Soros Fund Management — a multi–billion dollar global investment firm founded by George Soros — ultimately becoming the chief investment officer, according to a Hope Global Forums profile. He also spent several years as an adjunct professor at Yale, teaching economic history.
Bessent, who has has never held public office, has a net worth of at least $521 million, according to Fortune, citing his recent financial disclosures.
He is married to former prosecutor John Freeman, with whom he has two children, according to Axios.
“In a certain geographic region at a certain economic level, being gay is not an issue,” he told the Yale Alumni Magazine in 2015.
“What’s fantastic is now, people in the rest of America, whether blue collar or white collar, have access to everything,” he added. “If you had told me in 1984, when we graduated, and people were dying of AIDS, that 30 years later I’d be legally married and we would have two children via surrogacy, I wouldn’t have believed you.”
Leading the Treasury Department
As Treasury secretary, Bessent will play an important role in shaping Trump’s economic agenda.
He has touted a “3-3-3” plan, which entails bringing the federal budget deficit to 3% of GDP, expanding growth to 3% and boosting domestic energy output by 3 million barrels of oil per day, according to the New York Times.
Bessent has also advocated for making the 2017 Tax Cuts and Jobs Act permanent.
Additionally, he has been supportive of Trump’s tariff proposals, telling senators during his confirmation hearing that tariffs could help ameliorate unfair trade practices and raise revenue, according to the Wall Street Journal.
In winning confirmation, he received the support of all Republicans present and some Democrats, including Arizona Sen. Ruben Gallego, who told Politico, “All partisanship aside, overall, he’s a qualified person.”
Meanwhile, Massachusetts Sen. Elizabeth Warren was among the Democrats who opposed him.
“A billionaire who supports more tax cuts for every single billionaire in America is not someone who is watching out for hardworking families,” she said in remarks on the Senate floor.
This story was originally published January 28, 2025 at 1:33 PM with the headline "Trump’s new Treasury secretary is the highest-ranking LGBTQ official in history."