Billionaire hedge fund manager Scott Bessent was confirmed by the Senate on Monday as the U.S. Treasury Secretary, solidifying his role in advancing President Donald Trump’s economic agenda, which has raised concerns globally.
Bessent, a seasoned Wall Street veteran from South Carolina, has consistently supported Trump’s tax cuts and tariff proposals, while emphasizing the need to secure supply chains and maintain the dollar’s global dominance. He received Senate approval with a comfortable margin of 68-29, garnering bipartisan support.
As Treasury Secretary, Bessent will play a key role in shaping tax policies, managing the national budget, addressing the debt limit, and overseeing initiatives that could result in new tariffs. Senate Finance Committee Chairman Mike Crapo praised Bessent’s commitment to restoring prosperity and opportunity under Trump’s leadership.
However, Senate Finance Committee ranking member Ron Wyden expressed concerns, questioning whether Bessent would serve as a check on Trump’s economic plans, which could potentially hurt consumers and small businesses.
Bessent, 62, has advocated for tougher sanctions on Russian oil companies to help end the war in Ukraine and has taken a hardline stance on China. As Trump returns to the White House promising tax cuts and tariffs to ease the financial burden on Americans and pressure other countries to align with U.S. priorities, all eyes are on Bessent to balance supporting these initiatives while preventing disruptions to the global economy.
At his confirmation hearing, Bessent disagreed with the notion that Trump’s proposed tariffs would solely be funded domestically, noting they could be used as leverage in trade negotiations, to address unfair practices, or to boost revenues. He also emphasized the need to tackle government spending and high budget deficits.
Bessent’s role at the Treasury Department will encompass overseeing areas such as federal finances, banking supervision, and U.S. sanctions.
A longtime family friend of the Trumps, Bessent is the first openly gay cabinet official confirmed by the Senate in a Republican administration. He resides in Charleston, South Carolina, with his husband and two children.
Bessent has had a long history with the Trump family, having been friends with the late Robert Trump. He previously stated, “I was all-in for President Trump” during an appearance on Roger Stone’s radio show.
A graduate of Yale University, Bessent served as chief investment officer at Soros Fund Management, where he worked with billionaire George Soros. In 2015, Bessent launched his own hedge fund, raising $2 billion, including funds from Soros. He has since distanced himself from Soros, stating he hasn't spoken to him in years.
Bessent currently serves as CEO of Key Square Group but has committed to stepping down from this role and divesting his partnership share upon confirmation.
During his confirmation hearing, Bessent reflected on his early career, recalling a finance internship that allowed him to live rent-free in New York, which he called a quintessential "only-in-America" story. He has expressed his determination to preserve such opportunities for future generations and emphasized the need to realign the economic system to benefit working Americans.
Though he previously proposed appointing a "shadow Fed chair" to counterbalance Federal Reserve Chairman Jerome Powell, Bessent has since dropped that idea and reaffirmed his support for the Fed’s independence.
Bessent’s confirmation marks the beginning of his pivotal role in shaping U.S. economic policy under Trump’s administration.
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