Gay billionaire Scott Bessent Appointed As Secretary Of The Treasury

Donald Trump has nominated gay billionaire hedge fund executive Scott Bessent as his Secretary of the Treasury. If confirmed by the US Senate, he will be the first out member of the LGBTQIA+ community to be treasury secretary, and the first openly gay cabinet secretary in Republican history.

“Scott has long been a strong advocate of the America First Agenda,” Trump said in a statement posted on conservative social media platform, Truth Social, late last week. “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.”

Although Bessent has previously been a supporter of the Democrats, he donated $3 million USD (about $4.6 million AUD) to Republicans this election cycle. In the past, he co-hosted Democratic fundraisers at his home. and was a big supporter of both Barak Obama and Hillary Clinton.

Scott Bessent has also previously worked with George Soros as chief investment officer at his hedge fund, Soros Fund Management. Soros, a big supporter of the Democrats, is the subject of a number of antisemitic Republican conspiracy theories, such as his involvement in the 2017 Women’s March and the gun control activism done by the students of Stoneman Douglas High School. According to CNN, Trump liked the fact that Bessent had pivoted from the Democrats to the Republicans.

The 62 year old lives in South Carolina with his husband, John Freeman, a former prosecuting attorney in New York City. They have two children together.

LGBTQIA+ Americans anxious for Trump presidency

Don’t hold out hope that this means Trump will treat the LGBTQIA+ community any better during his presidency. Bessent may be a strong supporter of gay rights, but unfortunately, we probably have more in common with a homophobic, everyday Republican than we do with a gay billionaire.

Trump has already announced his intention to reinstate his ban on transgender people serving in the military, and many Americans are anxious about what Project 2025 will hold for queer people.

In the wake of Trump’s election, LGBTQIA+ crisis hotline, The Trevor Project, reported a 700% spike in calls.