Donald Trump has chosen a close friend of King Charles and Queen Camilla to be America’s first gay Treasury Secretary.
Billionaire Scott Bessent has been a long-time supporter of the King’s charities, while Camilla stayed at his sprawling home in the Hamptons, New York, in 1999 during her first solo trip to the US.
A source said: ‘Scott has known King Charles for many years. He was a big supporter of the Prince’s Trust when Charles was Prince of Wales.
‘They became extremely close after Princess Diana died and Scott was part of the plan to improve Camilla’s image.
‘She came to the US in 1999 and stayed with him and he introduced her to everyone who is anyone in New York society. They remain close and Scott often attends private fundraisers at the Palace.’
The President-elect made the announcement on Friday night, saying: ‘Scott will help me usher in a new golden age for the United States.’
Mr Bessent who has been out since his 20s, will be the first gay Republican Cabinet member. Democrat Pete Buttigieg, Joe Biden’s Transportation Secretary, was the first-ever gay Cabinet pick.
The Wall Street source added: ‘President Trump has been branded homophobic by his detractors but that couldn’t be further from the truth.
‘He’s been friends with Scott for years and his sexuality was never an issue. The President doesn’t care about things like that, in fact he and Melania actively support LGBT Republican groups and often have them to Mar-a-Lago. It’s not a big deal.’
Mr Bessent, who has two children with his lawyer husband, will be in charge of key financial decisions, including Mr Trump’s controversial plan to implement tariffs of up to 60 per cent on imported goods.
He will also be responsible for slashing America’s record-high national debt of $36 trillion while implementing tax cuts for the middle classes, and oversee the allocation of federal funds to support Mr Trump’s plans to deport millions of illegal immigrants, which will start on January 20, the day the President-elect takes office.
Mr Bessent, who spent decades working for Left-wing investor George Soros, one of the biggest Democratic Party donors, switched his alliance when Mr Trump first ran for the White House in 2016.
He is often called a ‘financial genius’ and made his name by betting against the pound during the 1992 ‘Black Wednesday’ crash, which netted his firm $1 billion.
The 62-year-old, who was born in South Carolina, has talked about being driven to succeed after watching his father, a real estate investor, struggle.
‘I’ve known financial hardship and I don’t want that for any family,’ he said.
The financier launched the hedge fund Key Square in 2015, and has since given away millions to