The Senate confirmed Scott Bessent as Treasury secretary, elevating the hedge fund manager to the new administration’s top financial job as President Donald Trump forges ahead on an ambitious economic agenda.
The vote was 68-29.
As head of the Treasury, 62-year-old Bessent faces pressure to address the federal debt limit and work with congressional Republicans to extend Trump’s 2017 Tax Cuts and Jobs Act.
He’ll also have to contend with Trump’s plans to enact tariffs on goods coming in from Mexico, Canada, and China, which poses risks for the American economy.
A steady US economy makes Bessent’s work a bit easier, including pushing the president’s priorities. His arrival comes on the back of strong growth and a low, 4.1% unemployment rate, although inflation continues to hover above the Federal Reserve’s 2% target.
During his confirmation hearing earlier this month, Bessent voiced support for making the 2017 tax cuts permanent and argued that the issue with the federal budget is spending and not revenues. He also claimed that Trump’s economic plans would lower consumer costs and boost wages.
His “3-3-3” economic plan includes bringing the federal budget deficit down to 3%, achieving 3% GDP ,and producing 3 million more barrels of oil a day by the end of Trump’s second term.
Bessent, who advised Trump on economic policy during his campaign, is the founder of hedge fund Key Square Capital Management.
