The U.S. Senate confirmed Scott Bessent as Treasury Secretary on Monday with a bipartisan vote of 68-29, making him the first openly gay Cabinet member in a Republican administration.
Bessent, 62, a hedge fund manager and founder of Key Square Capital Management, will serve as the nation's top financial official in President Donald Trump's administration. He faces immediate challenges including addressing the federal debt limit and working with Congress on extending Trump's 2017 tax cuts.
The new Treasury chief outlined his "3-3-3" economic vision: reducing the federal budget deficit to 3%, achieving 3% GDP growth, and boosting oil production by 3 million barrels daily by the end of Trump's second term.
During his confirmation hearing, Bessent supported making the 2017 tax cuts permanent and identified government spending, rather than revenues, as the primary budget concern. He also defended Trump's proposed tariff policies, arguing they would reduce consumer costs and increase wages.
Bessent brings extensive Wall Street experience to the role, having previously served as chief investment officer at Soros Fund Management. He has committed to resigning from his position at Key Square Group and divesting his partnership share.
President Trump praised Bessent as a "strong advocate of the America First Agenda" when nominating him in November, expressing confidence in his ability to maintain the U.S. dollar's status as the world's reserve currency.
Senate Finance Committee Chairman Mike Crapo endorsed Bessent's commitment to economic prosperity, while the committee's top Democrat, Ron Wyden, expressed concerns about whether Bessent would effectively balance Trump's economic plans.
In his new role, Bessent will oversee federal finances, bank supervision, and U.S. sanctions policy. He has indicated support for tougher sanctions on Russian oil companies to help end the Ukraine conflict and signaled a firm stance on China-related economic matters.