US Senate confirms Scott Bessent as Treasury secretary

On January 28, the US Senate confirmed Scott Bessent as Treasury secretary with a 68-29 vote. Bessent, a 62-year-old hedge fund manager, takes on the role as President Donald Trump pushes forward with his economic agenda. 

Bessent will need to address the federal debt limit, work with Republicans to extend the 2017 Tax Cuts and Jobs Act, and manage the potential economic risks of tariffs on goods from Mexico, Canada, and China, Caliber.Az reports via US media.

Despite inflation still being above the Federal Reserve’s 2% target, Bessent will benefit from a steady U.S. economy, including strong growth and low unemployment. During his confirmation hearing, Bessent supported making the 2017 tax cuts permanent, arguing that government spending, not revenue, is the main issue with the federal budget. He also claimed Trump’s economic plans would lower consumer costs and raise wages.

Bessent's “3-3-3” economic plan focuses on reducing the federal budget deficit to 3%, achieving 3% GDP growth, and producing 3 million more barrels of oil a day by the end of Trump’s second term.

Bessent previously founded Key Square Capital Management and was the chief investment officer at Soros Fund Management. He is the first openly gay Treasury secretary and the first LGBTQ Senate-confirmed Cabinet member in a Republican administration. When Trump nominated him, he praised Bessent as a strong advocate for the "America First Agenda."

By Khagan Isayev