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Treasury Nominee Scott Bessent Sails Through Confirmation Hearing

'We do not have a revenue problem in the United States of America. We have a spending problem,' Bessent tells Senate

(Chip Somodevilla/Getty Images)
January 16, 2025

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.

"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."

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.

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.