Scott Bessent, President-elect Donald Trump's pick to lead the Treasury Department, sailed through his first round of confirmation hearings on Thursday and pledged to empower "Main Street" businesses.
In his opening remarks, Bessent, a hedge-fund manager, told senators that Trump has "a generational opportunity to unleash a new economic golden age" through deregulation, lower taxes, and a protectionist trade policy. Bessent received questions from members of both parties about the nation's deficits, which he identified as the largest economic problem facing Americans.
Although Democrats criticized Bessent's endorsement of extending the Trump-era tax cuts, the hearing was relatively tame, and members from both parties indicated that he will be confirmed. Should that happen, Bessent faces an uncertain economic environment, with inflation remaining stubbornly higher than the Federal Reserve's target.
But Bessent maintained that Trump's economic agenda should bring inflation down and cited the record of the first Trump administration, which included low unemployment, low inflation, and record stock highs. The Treasury secretary's chief task, Bessent said, is to lower federal spending.
🚨Watch this mic drop moment from President Trump’s Treasury Secretary nominee Scott Bessent destroying the Democrats’ war against fossil fuels:
Wyden: "We are in an arms race in clean energy with China. Are you going to be on the side of people who want to unravel this?"… pic.twitter.com/1y7rloUwRp
— Steve Cortes (@CortesSteve) January 16, 2025
"We do not have a revenue problem in the United States of America. We have a spending problem," Bessent said. "One of the things that got me out from behind my desk and my quiet life in[to] this campaign was the thought that this spending is out of control."
Bessent went on to touch on a number of other topics, including new sanctions against Russia in a bid to end the conflict in Ukraine. Bessent told senators that "I will be 100 percent on board [with] taking sanctions up, especially on the Russian oil majors to levels that would bring the Russian Federation to the table."
BESSENT: Iran was down to 100,000 barrels of oil exports when President Trump left office — they're now exporting ~1.7 million.
We can make the Iranian regime broke again — and at the same time, increase our domestic production with the highest energy standards in the world. pic.twitter.com/6GbgBDCu4h
— Trump War Room (@TrumpWarRoom) January 16, 2025
He also defended Trump's tariff proposals, which have included a 10 percent levy on all imports to the United States. Bessent said tariffs would help raise revenues and work as a negotiating tool with other countries to secure more fair trade practices.
Bessent was born in Conway, S.C., and graduated from Yale University in 1984. He worked for Soros Fund Management, where he was eventually made partner and earned his fortune.
.@SenSanders: "What Biden said last night is we're moving towards an oligarchy. I'm asking you that question...forget how they made that money."
Scott Bessent: "President Biden gave the presidential medal of freedom to two people who I think would qualify as his oligarchs." pic.twitter.com/cAu3tXb4YS
— CSPAN (@cspan) January 16, 2025
He has since started his own fund and taught economic history at Yale. He is married to John Freeman, a former prosecutor. The couple have two children.