(Reuters) – President-elect Donald J. Trump’s pick for Treasury secretary, Scott Bessent, plans to divest from dozens of funds, trusts and investments in preparation for his new role, The New York Times (NYSE:) reported on Saturday.
In a letter to the Treasury Department’s ethics office, the money manager outlined the steps he would take to “avoid any actual or apparent conflict of interest in the event that I am confirmed for the position of Secretary of the Department of Treasury,” the report added.
He also said he would shutter Key Square Capital Management, the investment firm he founded, and resign from his Bessent-Freeman Family Foundation and from Rockefeller University, where he has been chairman of the investment committee, the Times said.
A spokesperson for Bessent declined to comment.
Trump nominated Bessent on Nov 23. Reuters has not seen the document cited by the Times, but previously reported that a source said if he were to take a job in the new administration, Key Square could be wound down, sold, or put in “sleep mode.”
On Friday, Trump repeated the financial arrangement that he made during his first term, handing over daily management of his multi-billion-dollar real estate, hotel, golf, media and licensing portfolio to his children when he enters the White House.
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