Senate confirms Scott Bessent as Trump's Treasury secretary
The U.S. Senate confirmed Scott Bessent Monday to serve as President Donald Trump’s Treasury secretary, making the longtime hedge fund manager the point person for the new administration on a host of key economic issues.
Bessent was confirmed by a vote of 68 to 29.
The new Treasury head's nomination drew sharp opposition from progressive Democrats, including Sen. Elizabeth Warren, D-Mass., and Sen. Ron Wyden, D-Ore., who both accused Bessent of flouting Treasury tax rules in floor speeches delivered in the minutes before the vote.
During his confirmation hearing, Bessent, 62, said extending the big tax cuts Trump pushed during his first administration would be his priority.
“This is pass-fail, that if we do not fix these tax cuts, if we do not renew and extend, then we will be facing an economic calamity,” he said.
Bessent also defended Trump’s push for tariffs after senators from both parties raised concerns. He opposed increasing the federal minimum wage and backed increased sanctions on Russia over the country's invasion of Ukraine.
And he said the Federal Reserve – which has drawn Trump’s ire with high interest rates used to tame inflation – should be independent of the president, while noting Trump will "make his views known.”
Bessent founded Key Square Capital Management in 2015. He is a Yale graduate and the former chief investment officer for Soros Fund Management, the hedge fund founded by liberal billionaire George Soros.
The nomination marks a variation from Trump's anti-establishment rhetoric. In picking Bessent, Trump chose a less ideological, more conventional financier for the post who attracted little public opposition. The new Treasury secretary once hosted a fundraiser for Vice President Al Gore when the Democrat was running for president in 2000.
Bessent brought his husband and two children to his confirmation hearing. He spoke about long being interested in public service but facing obstacles in the past “because of my sexual preference.”
Bessent will be in the thick of some of the biggest policy moves Trump is pursuing. The new administration is working with Congress on legislation that extends the Trump tax cuts and includes new cuts, such as Trump’s proposal for no taxes on tipped wages.
The tariff debate also is expected to be a major theme throughout Trump’s presidency. He has talked about putting 25% tariffs on goods from Mexico and Canada starting Feb. 1 and new tariffs on Chinese goods. Trump threatened tariffs on Colombia over the weekend after the country raised concerns about deportation flights, but ultimately both sides backed off.
Contributing Swapna Venugopal Ramaswamy and Davis Winkie
This article originally appeared on USA TODAY: U.S. Senate confirms Trump's Treasury Secretary Scott Bessent