Scott Bessent Confirmed As U.S. Treasury Secretary

The U.S. Senate has confirmed billionaire investor Scott Bessent to serve as President Donald Trump’s Treasury Secretary, tasking him with the challenge of cutting taxes and reducing deficits while advancing a tariff plan that does not hinder economic growth, Fatima Hussein reported for the Associated Press (AP).

Bessent was confirmed in a 68-29 vote, with 16 Democrats joining Republicans in support of his nomination. I Photo: U.S. Treasury

Bessent was confirmed in a 68-29 vote, with 16 Democrats joining Republicans in support of his nomination, making him the nation’s 79th Treasury Secretary.

A resident of South Carolina, he will be the first openly gay individual to hold the position, marking a historic first as Trump seeks to balance the interests of billionaire business leaders concerned about regulations with the demands of a populist base advocating for economic fairness.

Once a supporter of Democratic policies and a former employee of George Soros, Bessent has since become a vocal advocate for Trump. He has warned that the U.S. faces economic turmoil if Congress does not renew key provisions of Trump’s Tax Cuts and Jobs Act, set to expire on Dec. 31, 2025.

Negotiating the extension of these tax cuts will be one of his primary responsibilities, alongside efforts to achieve 3% annual economic growth, reduce deficits, and increase domestic oil production by 3 million barrels per day.

Democrats have accused Bessent of tax avoidance, alleging that he failed to pay nearly $1 million in Medicare taxes related to his limited partnership in his hedge fund. During his confirmation hearing, he committed to settling the tax bill if a court rules against him.