On Monday, the Senate confirmed Scott Bessent, a hedge fund manager and longtime financial expert, as the 79th U.S. Treasury secretary.
With a bipartisan vote of 68-29, Bessent became the first openly gay person to hold the position, signaling a historic moment for the country.
Fifteen Democrats and one independent joined Republicans to back Bessent’s nomination, which faced limited opposition compared to other Trump administration appointees.
Bessent, 62, will play a central role in shaping President Donald Trump’s economic policies, including extending the 2017 Republican tax cuts, addressing trade and tariff issues, and tackling pressing fiscal challenges such as the nation’s debt limit.
During his confirmation hearing, Bessent highlighted his commitment to extending the tax cuts signed into law during Trump’s first term. “This is the single most important economic issue of the day,” Bessent said. He warned of “economic calamity” if Congress does not act before key provisions expire at the end of the year.
Bessent also pledged to prevent a U.S. debt default, a looming issue as the country recently breached its borrowing limit. The Treasury Department has already resorted to “extraordinary” measures to keep the government running, but experts predict those resources will run out by summer without congressional intervention. “The United States is not going to default on its debt if I’m confirmed,” Bessent assured lawmakers.
A seasoned financial expert, Bessent managed the wealth of billionaire investor George Soros earlier in his career and founded the Key Square Group, a prominent investment firm. He committed to winding down and divesting from his fund to focus on his new role at the Treasury.
While Bessent’s qualifications drew praise from some Democrats, progressive critics expressed concerns about appointing a Wall Street veteran and Trump campaign donor. They also raised questions about Bessent’s use of a disputed tax interpretation to avoid paying Medicare taxes—a practice currently under legal scrutiny.
Still, many Democratic senators viewed Bessent as well-suited for the role. Supporters included Senators Cory Booker (D-NJ), Mark Warner (D-VA), and Kirsten Gillibrand (D-NY), among others. His bipartisan confirmation vote contrasts with that of Trump’s first Treasury secretary, Steven Mnuchin, who narrowly secured approval in 2017.
Bessent joins the Treasury at a critical moment, with the department overseeing financial sanctions, U.S.-China economic competition, and the growth of cryptocurrency markets. His leadership will be instrumental in advancing Trump’s aggressive trade policies and addressing economic challenges.
As the first openly gay Treasury secretary, Bessent’s confirmation is also being celebrated as a milestone for representation in the federal government.