The Senate confirmed Scott Bessent as Treasury Secretary on Monday with a 68-29 vote, appointing the hedge fund manager to one of the top financial positions in President Donald Trump’s administration.
At 62, Bessent will face significant challenges, including addressing the federal debt limit and collaborating with congressional Republicans to extend the 2017 Tax Cuts and Jobs Act. He will also need to manage Trump’s proposed tariffs on goods from Mexico, Canada, and China, which could pose risks to the U.S. economy.
Bessent’s job is made somewhat easier by a strong U.S. economy, marked by solid growth and a low unemployment rate of 4.1%, although inflation remains above the Federal Reserve’s target of 2%.
In his confirmation hearing, Bessent expressed support for making the 2017 tax cuts permanent and stated that the primary issue with the federal budget is excessive spending rather than insufficient revenue. He also argued that Trump’s economic policies would reduce consumer costs and increase wages.
Bessent’s “3-3-3” economic plan aims to reduce the federal budget deficit to 3%, achieve 3% GDP growth, and produce an additional 3 million barrels of oil per day by the end of Trump’s second term.
A former adviser to Trump’s campaign on economic policy, Bessent is the founder of Key Square Capital Management and was previously the chief investment officer at Soros Fund Management, founded by Democratic donor George Soros. Notably, Bessent is the first openly gay Treasury Secretary and the first LGBTQ Cabinet member confirmed by the Senate in a Republican administration.
When Bessent was named as Treasury Secretary in November, Trump praised him as a strong advocate for the “America First Agenda” and said he would help lead the country into a new “Golden Age,” strengthening the U.S. economy and solidifying the U.S. dollar’s role as the world’s reserve currency.