(Reuters) – President-elect Donald Trump's pick for Treasury Secretary, Scott Besent, plans to divest from dozens of funds and mutual funds in preparation for his new position. New York Times (NYSE:) reported on Saturday.
In a letter to the Treasury Department's Office of Ethics, the money manager explained the steps he would take “to avoid any actual or apparent conflicts of interest if I am confirmed as Treasury Secretary,” the report said. He added.
He also said he would close Key Square Capital Management, the investment firm he founded, and would resign from the Bessent-Freeman Family Foundation and from Rockefeller University, where he was chairman of the investment committee, the newspaper reported.
A Bessent spokesman declined to comment.
Trump nominated Besant on November 23. Reuters did not see the document cited by the newspaper, but it reported earlier that a source said that if he took a job in the new administration, Key Square might be liquidated, sold or appointed. Sleep mode.”
Trump on Friday reiterated the financial arrangements he made during his first term, handing day-to-day management of his multi-billion-dollar real estate, hotel, golf, media and licensing portfolio to his children upon entering the White House.
