Senate Confirms Scott Bessent as Treasury Secretary Amid Tax Cut Debate

WASHINGTON, D.C. — The U.S. Senate confirmed Scott Bessent as Treasury secretary on Monday, solidifying the hedge fund billionaire’s role as the Trump administration’s top economic official. Bessent, 62, was approved by a vote of 68-29, despite opposition from progressive Democrats who criticized his stance on tax policy and his financial background.

Bessent, a Yale graduate and founder of Key Square Capital Management, pledged during his confirmation hearing to prioritize extending the 2017 Tax Cuts and Jobs Act, which he called the “single most important economic issue of the day.” He warned that failing to renew the cuts would lead to a “gigantic” middle-class tax increase and economic instability. “If we do not renew an extension, then we will be facing an economic calamity,” Bessent told lawmakers.

Progressive Democrats, including Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., opposed Bessent’s nomination, accusing him of flouting Treasury tax rules. Warren criticized the 2017 tax cuts, arguing they primarily benefited the wealthy. “These tax cuts failed to deliver for working families,” Warren said in a floor speech before the vote.

Bessent also addressed concerns about tariffs, a key component of Trump’s economic agenda. He supported the administration’s use of tariffs, which could range from 10% to 60% on imported goods, particularly from China. Bessent previously authored an op-ed advocating for tariffs, calling them a tool to protect American industries.

As Treasury secretary, Bessent will oversee federal finances and agencies like the IRS. He will also play a central role in shaping the administration’s economic policies, including efforts to extend tax cuts and impose new tariffs. Bessent’s confirmation marks a departure from Trump’s anti-establishment rhetoric, as he brings a more conventional financial background to the role.

Bessent, who is openly gay, spoke about overcoming obstacles in his career due to his sexual orientation. He attended his confirmation hearing with his husband and two children, emphasizing his commitment to public service. “I have long been interested in public service but faced challenges in the past because of my sexual preference,” Bessent said.

The Senate’s vote followed a 67-23 procedural vote on Saturday to advance Bessent’s nomination. His confirmation comes as the Trump administration works with Congress on legislation to extend tax cuts and implement new economic measures, including a proposal to eliminate taxes on tipped wages.

Bessent’s tenure will likely be defined by debates over tax policy, tariffs, and economic inequality. While supporters argue his policies will usher in a “golden age” of prosperity, critics warn they could exacerbate wealth disparities and harm middle-class Americans.