The U.S. Senate has confirmed billionaire investor Scott Bessent as President Donald Trump's treasury secretary. Bessent will face the challenging task of balancing tax cuts and deficit reduction while navigating tariffs to ensure economic growth.
Bessent's confirmation received bipartisan support, with a 68 to 29 vote in the Senate, including 16 Democrats backing the Republican nominee. Notably, Bessent will be the first openly gay individual to hold this position, marking a historic milestone in the role.
As the 79th treasury secretary, Bessent, a former supporter of Democrats and a past employee of George Soros, has now aligned himself with President Trump's economic agenda. He emphasizes the urgency of renewing key provisions of Trump’s Tax Cuts and Jobs Act set to expire in 2025 to avert economic turmoil.
Bessent's priorities include achieving 3% annual economic growth, reducing deficits, and boosting domestic oil production by 3 million barrels per day. Despite facing scrutiny over unpaid tax liabilities, Bessent's confirmation was described as an easy decision by Senate Finance Committee Chair Sen. Mike Crapo.
While some Democrats raised concerns about Bessent's tax practices, others, like Sen. Chris Coons, expressed support for his focus on middle-class cost reduction and continued U.S. investment in international financial institutions.
As treasury secretary, Bessent will advise the president on fiscal policy, manage public debt, and explore the feasibility of establishing an 'External Revenue Service' to collect tariff revenue from other nations. Trump's emphasis on tariffs, including potential levies on goods from allies and adversaries, remains a cornerstone of his economic strategy.
Bessent will also grapple with the escalating U.S. debt under the guidance of former Treasury Secretary Janet Yellen's warnings about hitting the debt ceiling. Despite initial skepticism, Bessent's confirmation underscores Trump's outsider Cabinet choices gaining approval amid divided opinions.
In his testimony, Bessent pledged to uphold the IRS' Direct File program for the 2025 tax season and advocated for the Federal Reserve's independence from presidential influence. He also called for more robust U.S. sanctions on Russian oil.
