The U.S. Senate on Monday confirmed President Donald Trump’s pick for Treasury secretary, openly gay hedge fund manager Scott Bessent.
Overcoming opposition from some economically progressive Senate Democrats like Elizabeth Warren (Mass.) and Ron Wyden (Ore.), the nominee was confirmed by vote of 68-29.
Bessent during his hearing said that extending tax cuts that were passed during Trump’s first administration with the 2017 Tax Cuts and Jobs Act but are slated to expire in 2025 will be a top priority.
“This is pass-fail, that if we do not fix these tax cuts, if we do not renew and extend, then we will be facing an economic calamity,” he told the senators.
“Today, I believe that President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans,” Bessent said at his confirmation hearing.
According to Fortune Magazine, Bessent, who is a billionaire, disclosed assets worth an estimated $521 million.
He will be the second openly gay man to serve in the Cabinet, after Biden-Harris administration Transportation Secretary Pete Buttigieg, and in a Cabinet-level office, after Obama-Biden administration Acting U.S. Trade Representative Demetrios Marantis and Trump-Pence administration Acting Director of National Intelligence Ric Grenell.
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