Bessent, a billionaire investor, was confirmed in a 68–29 vote.
The Senate on Jan. 27 confirmed Scott Bessent’s nomination for Treasury secretary in a 68–29 vote, putting him in a key role for implementing President Donald Trump’s tariff and growth agenda.
The billionaire investor will be spearheading Trump’s plan of cutting taxes and curbing deficits, while putting forward a tariff plan that also facilitates growth.
Bessent has said the U.S. faces economic calamity if Congress does not renew key provisions from Trump’s Tax Cuts and Jobs Act that are set to expire Dec. 31, 2025. Negotiating the extension of those tax cuts will be one of Bessent’s major responsibilities even as he pushes for 3 percent annual growth, significant trims to deficits, and increasing domestic oil production by 3 million barrels a day.
Senate Majority Leader John Thune (R-S.D.) described the Wall Street veteran as an “example of the American dream in action.”
“He brings a wealth of private sector experience in the economy and markets to his new role, as well as the concern for the needs of working Americans,” Thune said on the Senate floor.
The Senate Finance Committee approved Bessent’s nomination for Treasury secretary on a 16–11 vote, with two Democrats—Sens. Maggie Hassan (D-N.H.) and Mark Warner (D-Va.)—joining Republicans.
Democrats who opposed his nomination alluded to concerns about his tax dispute with the IRS.
“Like a lot of Wall Street titans, he’s opted out of paying a fair share into Medicare,” said Sen. Ron Wyden (D-Ore.), ranking member on the committee.
Sen. Sheldon Whitehouse (D-R.I.), one of the Democrats who voted against Trump’s pick to lead the Treasury Department, called it a “double standard in America” during an executive committee hearing on Jan. 21.
Sen. Elizabeth Warren (D-Mass.) said Bessent’s nomination further highlights billionaires’ influence on U.S. politics.
“Billionaires dominate the American economy, and Republicans plan to give them more tax breaks,” she said.
Senate Finance Committee Chairman Mike Crapo (R-Idaho) defended Bessent before the vote, saying that the Key Square Group founder has complied with tax laws.
“The issue here is that the IRS wants to change the interpretation of the tax code,” Crapo said. “But the IRS doesn’t get to decide what our tax code says. Congress does.
“The argument that he has not complied with long-standing tax policy and interpretation is false.”
By Andrew Moran
