Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump’s tax cuts
The Hindu
Senate confirms Scott Bessent as Treasury Secretary under Trump, facing tax issues and economic challenges, including tariffs and debt.
The U.S. Senate confirmed billionaire investor Scott Bessent on Monday (January 27, 2025) to serve as President Donald Trump's treasury secretary, giving him the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn't jeopardize growth.
He was confirmed on a 68-to-29 vote, with 16 Democrats voting in favor of making him the nation's 79th treasury secretary.
The South Carolina resident will be the first openly gay individual in the role, a historic first as Mr. Trump seeks novel ways to implement a policy agenda driven by both billionaire business leaders with concerns over regulations and a populist base that wants government leaders to fight for them.
Mr. Bessent, a past supporter of Democrats who once worked for George Soros, has become an enthusiastic supporter of Mr. Trump.
He has said the U.S. faces economic calamity if Congress does not renew key provisions of Mr. 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 his major responsibilities even as he has also pushed for 3% annual growth, significant trims to deficits and increasing domestic oil production by 3 million barrels a day.
After Mr. Bessent was confirmed, Republican Senator Mike Crapo of Idaho, chair of the Senate Finance Committee, said approving Bessent was “one of the easiest votes we could ever take.”
However, he faced pushback from Democrats on unpaid tax liabilities.
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