Scott Bessent has been confirmed as President Donald Trump’s new Treasury secretary, a key role in shaping tax cuts and spending while managing international economic relations. The 62-year-old hedge fund manager faces challenges including navigating federal cash flows after hitting the debt limit on his first day in office. His confirmation vote was 68-29, with 16 Democrats supporting him despite his conservative views on taxes and trade.
Bessent, who has a background in finance and previously worked for renowned investors George Soros and Jim Chanos, emphasizes reducing budget deficits and sticking to Trump’s economic agenda. He told senators that he would avoid defaulting on federal obligations and aims to balance tax cuts with increased revenues through tariffs and other measures.
Born in South Carolina, Bessent is the highest-ranking openly gay federal official in U.S. history. His confirmation marks a significant moment for both his family and LGBTQ+ advocacy in Washington.
Source: https://www.reuters.com/world/us/scott-bessent-wins-senate-confirmation-us-treasury-secretary-2025-01-27