The U.S. Senate has confirmed billionaire investor Scott Bessent as the nation's 79th Treasury Secretary with a 68-29 vote, marking a historic appointment as the first openly gay individual to hold this position.
Bessent, who previously supported Democratic causes and worked for George Soros, has emerged as a strong supporter of President Trump's economic policies. His confirmation saw backing from 16 Democrats, despite concerns over unpaid tax liabilities.
The new Treasury Secretary faces several immediate challenges, including the extension of Trump's Tax Cuts and Jobs Act provisions set to expire in December 2025. Bessent has warned of potential economic difficulties if these tax cuts are not renewed.
During his confirmation hearings, Bessent addressed concerns about nearly $1 million in disputed Medicare taxes related to his hedge fund partnership. He committed to paying any tax obligations if court rulings require it.
Key priorities for Bessent include achieving 3% annual economic growth, reducing budget deficits, and boosting domestic oil production. He also pledged to maintain the IRS Direct File program through the 2025 tax season and supported Federal Reserve independence.
The appointment comes as the Treasury Department grapples with record U.S. debt levels and implements extraordinary measures to prevent hitting the debt ceiling. Bessent will also play a central role in shaping Trump's tariff policies, including potential levies of up to 25% on Canadian and Mexican goods and 60% on Chinese imports.
Senator Mike Crapo, chair of the Senate Finance Committee, called Bessent's confirmation "one of the easiest votes we could ever take." However, some Democrats expressed reservations about his support for extending tax cuts for wealthy Americans while hoping he would focus on middle-class cost reduction.
The new Treasury Secretary will serve as the president's primary fiscal policy adviser, manage public debt, and participate in the National Economic Council. He will also explore the creation of an External Revenue Service for collecting tariff revenue, a new initiative recently announced by President Trump.