Scott Bessent, a hedge fund manager, has been confirmed as Treasury Secretary by the Senate, marking a significant appointment in President Donald Trump's economic agenda. Bessent faces challenges including addressing the federal debt limit, extending the 2017 Tax Cuts and Jobs Act, and navigating potential risks from Trump's planned tariffs. Bessent is the first openly gay Treasury secretary and the first LGBTQ Senate-confirmed Cabinet member in a Republican administration.
The Senate confirmed Scott Bessent as Treasury secretary on Monday, elevating the hedge fund manager to the new administration’s top financial job as President Donald Trump forges ahead on an ambitious economic agenda. The vote was 68-29. As head of the Treasury, 62-year-old Bessent faces pressure to address the federal debt limit and work with congressional Republicans to extend Trump’s 2017 Tax Cuts and Jobs Act.
Bessent, who advised Trump on economic policy during his campaign, is the founder of hedge fund Key Square Capital Management. He previously was the chief investment officer at Soros Fund Management, a hedge fund started by Democratic megadonor George Soros. Bessent is the first out gay Treasury secretary and the first LGBTQ Senate-confirmed Cabinet member in a Republican administration, according to The Associated Press.
TRUMP ADMINISTRATION ECONOMY TARIFFS TREASURY SECRETARY LGBTQ+
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