Some of Trump's nominees have drawn fierce criticism. Why his treasury pick has a smoother path.
Even as some of President-elect Donald Trump's Cabinet picks have drawn intense scrutiny, his intended treasury secretary nominee Scott Bessent appears to have a smoother path, lawmakers told USA TODAY.
Bessent, a hedge-fund manager who served as the Soros Fund Management chief investment officer until 2015, has only met with a few lawmakers after Trump announced his selection last month. But that hasn't worried Republicans, who will have a 53-47 majority in the Senate next year.
Sen. Markwayne Mullin, R-Okla., said from what he’s heard, Bessent appears to have a “very clear path” to confirmation.
“I had a very good meeting with him. I didn’t know much about him before,” said Sen. Chuck Grassley, R-Iowa. The GOP senator serves on the Senate Finance Committee, which typically holds nomination hearings for treasury secretaries.
Sen. John Cornyn, R-Texas, who also serves on the Finance Committee, said he had “no hesitation about him.”
“I'm looking forward to visiting with him,” he said, adding that Bessent “Doesn't appear to have a lot of controversy.”
Bessent's backing among Senate Republicans comes after former Rep. Matt Gaetz, R-Fla., withdrew his nomination to be Trump's attorney general last month. The move came after it became clear there were not enough Republicans willing to support him.
Pete Hegseth, Trump's pick for defense secretary, has faced questions after he was accused of sexual assault, excessive drinking and other allegations he has denied. Robert F. Kennedy Jr., Trump's choice for the secretary of the Department of Health and Human Services, has also drawn criticism for spreading misinformation and conspiracy theories on vaccines, COVID-19 and more.
Still, Senate Republicans have largely supported both Hegseth and Kennedy. But in picking Bessent, Trump – despite his anti-establishment rhetoric and calls to "drain the swamp" – chose a less ideological, more conventional financier for the post.
With a Wall Street pedigree, Bessent made a name for himself by betting against the British pound in 1992, which netted a profit of more than $1 billion for Soros. His hedge fund, Key Square Capital, also made money by betting that U.S. inflation in 2022 would prove longer lasting than the Federal Reserve had predicted.
However, Bessent hasn't won over every voice on the right. His consideration by Trump for the position initially drew some criticism from Elon Musk, the billionaire appointed by Trump to co-head the newly formed Department of Government Efficiency.
“Bessent is a business-as-usual choice,” wrote Musk on X. “Business-as-usual is driving America bankrupt, so we need change one way or another.”
A Yale graduate, Bessent, 62, has supported Trump’s economic policy of deregulation for businesses, imposing tariffs on some of America's top trading partners and tax cuts. Trump hailed Bessent as “a strong advocate of the America First Agenda” in his announcement on Nov. 22.
If confirmed by the Senate, Bessent would take over a high-level Cabinet position charged with advising the president on matters related to financial, economic and tax policy.
Plenty of other Republican lawmakers were also quick to heap praise on him.
Sen. Tommy Tuberville, R-Ala., told USA TODAY Bessent “one of the smartest guys I've known.”
“I've known him about 15 years. He's gonna be a great secretary of treasury,” he said. “He understands not just domestic finance, but also international finance and that's what we need.”
Bessent could also make history if confirmed to the post: He would be the first openly gay treasury secretary, and he would be the first openly LGBTQ Senate-confirmed Cabinet member to serve in a Republican administration.
Even some Democrats were measured in their opinion of Bessent, who hosted a fundraiser for then-Vice President Al Gore when he was running for president in 2000.
“I’m going to hear him out,” said Sen. Ron Wyden, D-Ore., the current chair of the Senate Finance Committee.
But Wyden was critical of Bessent’s support for tariffs.
In a Nov. 15 opinion piece for Fox News, Bessent backed the use of tariffs, which were the centerpiece of Trump's economic campaign promises. His proposed tariffs have included 60% on imports from China and 10 to 20% on imports from other trading partners.
“For too long, the conventional wisdom has rejected the use of tariffs as a tool of both economic and foreign policy. However, like Alexander Hamilton, we should not be afraid to use the power of tariffs to improve the livelihoods of American families and businesses.”
Wyden said he believes the tariffs will spark further inflation in the U.S.: “Trump has told the American people that it's gonna be paid for by foreign countries. That's inaccurate. It's gonna be paid for by our workers and consumers.”
Trump during an interview with "Meet the Press" that aired on Sunday said he can't guarantee American families won't pay more because of tariffs implemented against foreign countries.
Sen. Cory Booker, D-N.J., said he would give all candidates a fair shake.
“I’m not saying no on anybody. I'm gonna give everybody a thorough vetting.”
Swapna Venugopal Ramaswamy is a White House Correspondent for USA TODAY. You can follow her on X @SwapnaVenugopal
This article originally appeared on USA TODAY: Who is Scott Bessent? GOP, Democrats weigh in on Trump treasury pick