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The Senate confirmed Scott Bessent as Treasury Secretary on Monday, elevating the hedge fund manager to the new administration’s top financial position as President Donald Trump forges ahead with an ambitious economic agenda. The vote was 68-29 in favor of Bessent’s confirmation.
As head of the Treasury, 62-year-old Bessent faces significant pressure to address the federal debt limit and work with congressional Republicans to extend Trump’s 2017 Tax Cuts and Jobs Act. Additionally, he will have to contend with Trump’s plans to enact tariffs on goods coming in from Mexico, Canada, and China, which pose risks for the American economy.
During his confirmation hearing earlier this month, Bessent voiced support for making the 2017 tax cuts permanent. He argued that the issue with the federal budget is spending, not revenues. Bessent also claimed that Trump’s economic plans would lower consumer costs and boost wages.
Bessent, who advised Trump on economic policy during his campaign, is the founder of hedge fund Key Square Capital Management. He previously served as the chief investment officer at Soros Fund Management, a hedge fund started by Democratic megadonor George Soros. Bessent is the first openly gay Treasury Secretary and the first LGBTQ Senate-confirmed Cabinet member in a Republican administration.
When Trump named Bessent as his pick for Treasury Secretary in November, he touted him as a “strong advocate of the America First Agenda.” Trump stated that Bessent would “usher in a new Golden Age for the United States, as we fortify our position as the World’s leading Economy, Center of Innovation and Entrepreneurialism, Destination for Capital, while always, and without question, maintaining the US Dollar as the Reserve Currency of the World.”
Bessent’s confirmation marks a significant step in the Trump administration’s efforts to implement its economic policies. As Treasury Secretary, Bessent will play a crucial role in shaping the nation’s financial landscape and addressing key economic challenges. His experience in the financial sector and his support for Trump’s economic agenda position him as a pivotal figure in the administration’s plans.
The coming months will reveal how Bessent navigates the complexities of his new role and the impact of his policies on the American economy. As the first openly gay Treasury Secretary, Bessent’s appointment also represents a historic moment for LGBTQ representation in the US government.
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