Scott Bessent, founder and chief executive officer of Key Square Group LP and US treasury secretary nominee for US President-elect Donald Trump, during a Senate Finance Committee confirmation hearing in Washington, DC, US, on Thursday, Jan. 16, 2025.
Al Drago | Bloomberg | Getty Images
The U.S. Senate voted on Monday to confirm Scott Bessent as Treasury secretary in President Donald Trump’s administration.
The Senate voted 68-29 to confirm the Wall Street veteran, with 16 Democrats joining all Republicans to choose Bessent for the post. He will be the 79th Treasury secretary.
Bessent, the founder of Key Square Group, will play a key role helping Trump enact his economic agenda, including having insight on tax policy.
He is being confirmed as the U.S. government grapples with its debt and deficit. The federal government has spent roughly $711 billion more than it has collected in the 2025 fiscal year, according to the Treasury’s fiscal data website. Meanwhile, the national debt has ballooned to more than $36.2 trillion.
The incoming Treasury secretary has supported gradual tariffs, which will be back in the spotlight as President Trump threatens levies on products from China, Canada and Mexico. On Sunday, Trump said in a social media post that he would impose a 25% tariff on goods coming into the U.S. from Colombia.
Another focal point for Bessent will be the Tax Cuts and Jobs Act — the tax overhaul that went into effect in 2018. A slate of provisions in the tax code will be expiring at the end of 2025, and Congress would be required to act in order to extend those breaks.
When Bessent spoke before the Senate Finance Committee earlier this month, he reiterated his support for extending the TCJA and declined to say that he would be willing to raise taxes on the nation’s highest earners.