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25 February 2025 February 2025 » G O V E R N M E N T S P O T L I G H T as CEO and Chief Investment Officer for Key Square Capital Management, a New York-based investment partnership that he founded in 2015. From 1991-2000, Bessent was Managing Partner of for Soros Fund Management's London office, including the period of the British Pound devalua- tion. He was previously associated with Brown Brothers Harriman, The Olayan Group, Kynikos Associates, and Protégé Partners. From 2006-2010, Bessent was an Adjunct Professor at Yale University, where he taught economic history. He is profiled in the book on macro investors, Inside the House of Money, and is featured in Sebastian Mallaby's history of hedge funds, More Money Than God. In 2017, Bessent published two articles in The International Economy magazine: one on the suppressing effects of low real interest rates on volatility, and one discussing whether other countries are at risk for "Japan Disease." This summer, he wrote a piece refuting Larry Summers's assertion that central banks, especially the Federal Reserve, are unprepared for the next economic downturn. "We congratulate Scott Bessent on his confirmation as the next Secretary of the Treasury and look forward to working with him to strengthen our economy and our financial system," said the American Bankers Association (ABA) in a statement of their website. "This administration has a great opportunity to increase growth and ensure that our economy continues to lead the world, and America's banks stand ready to do their part. We will continue to advocate for common-sense policies that promote a rational regula- tory framework that allows banks of all sizes to fully support the customers and communities they serve." The U.S. Department of the Trea- sury's mission is to maintain a strong economy and create economic and job opportunities by promoting the condi- tions that enable economic growth and stability at home and abroad, strengthen national security by combating threats and protecting the integrity of the financial system, and manage the U.S. government's finances and resources. Bessent replaces Acting Secretary of the Treasury David Lebryk, who just re- placed Janet Yellen, the 78th United States Secretary of the Treasury, an appointee of President Joe Biden. Yellen was the only woman in American history to lead the U.S Treasury, the Federal Reserve, and the President's Council of Economic Advisers (under President Bill Clinton from 1997- 1999). "MBA appreciates the swift confir- mation process and bipartisan support that Scott Bessent received to be the next Treasury Secretary," Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit, CMB said. "We congrat- ulate him on his confirmation, and our members stand ready to work with him and his staff on commonsense policies that grow the economy and strengthen our nation's single-family and commercial and multifamily real estate markets. We recognize that the Treasury has several key issues to address early on, including the tax policy and reconciliation debate. MBA will work with Treasury and Con- gress to help pass legislation that extends key, expiring provisions of the Tax Cuts and Jobs Act, particularly those that impact consumers and support continued investment in housing and communities." Confirmation Status: Sworn in on January 28. SCOTT TURNER NOMINATED AS NEW HUD SECRETARY U.S. President-Elect Donald Trump has announced the nomination of former NFL player and current America First Policy Institute (AFPI) Chair of the Center for Education Opportunity Scott Turner to serve as Secretary of the U.S. Department of Housing & Urban Development (HUD). Trump took to the social media platform Truth (@realDonaldTrump) to make the announcement, along with a host of additional nominations. Turner has experience with high-level government housing affairs, having served during Trump's first term as U.S. President as Executive Director of the White House Opportunity and Revitalization Council, a Council of federal agencies tapped with develop- ing ways in which federal agencies can better partner with Opportunity Zone investors to provide social services and other support to enact community revitalization. If confirmed, Turner will replace Adrianne Todman, current Senior Official Performing the Duties of HUD Secretary, who has served as the agency's Deputy Secretary since her confirmation by the Senate in June 2021. She was named HUD's Acting Secretary in March 2024. Deep Housing Knowledge Richardson, Texas, native Turner currently serves as AFPI's Chair of the Center for Education Opportunity. Turner is a businessman, motivational speaker, and nine-year former profes- sional football player who played in the NFL with the Washington Redskins, San Diego Chargers, and the Denver Broncos as a cornerback. "We are thrilled about the nomina- tion of Scott Turner as HUD Secretary," Manufactured Housing Institute (MHI) CEO Dr. Lesli Gooch said. "We appre- ciated his engagement and attention to innovative housing solutions in his previous role at the White House during President Trump's first term. We look forward to working with him again to elevate innovative housing and expand attainable homeownership." Turner formerly served as a Texas state representative for the 33rd District, which includes part of Collin County and all of Rockwall County. He attended the University of Illinois, where he played as their starting cornerback, and graduated with a degree in speech communications.