Jan 27, 2025 - Politics & Policy

Scott Bessent easily wins Senate confirmation to lead Treasury

Stef W. Kight,
Kathleen Hunter

The Senate voted 68-29 Monday to confirm Scott Bessent to lead the Treasury Department.

Why it matters: A financier focused on global macroeconomics, Bessent will play a key role in shepherding administration efforts to extend the 2017 tax cuts and will be an influential voice on trade policy as Trump seeks to impose higher tariffs on U.S. imports.

Bessent, 62, founded hedge fund Key Square Capital Management. Before that, he spent most of his career at Soros Capital Management, including as chief investment officer from 2011 to 2015.
During his confirmation hearing, Bessent warned of economic disaster if Trump's 2017 tax cuts aren't extended, calling the effort"the single most important economic issue of the day."

Go deeper: What to know about Scott Bessent, Trump's Treasury pick

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Scott Bessent easily wins Senate confirmation to lead Treasury

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