Scott Bessent, a billionaire investor chosen by President-elect Donald Trump to be Secretary of the Treasury, prepares for his confirmation hearing in the Senate Finance Committee. Lawmakers will probe his views on taxes, trade, and national security.
Scott Bessent , President-elect Donald Trump 's nominee for Secretary of the Treasury, will face questioning from lawmakers on Capitol Hill regarding his stance on taxes, tariffs, trade, and other fiscal policy issues during his confirmation hearing before the Senate Finance Committee. Bessent, a South Carolina billionaire, transitioned from a Democratic donor in the early 2000s to a Trump supporter and advisor.
Bessent's prepared testimony, provided to The Associated Press, outlines key priorities for his potential role. He emphasizes the need to secure vulnerable supply chains, implement sanctions to address national security concerns, and, most importantly, ensure the U.S. dollar's position as the world's reserve currency.Lawmakers are expected to scrutinize Bessent's views on a range of topics, including cryptocurrency, the Trump-era tax cuts, and potential conflicts of interest arising from his previous financial activities. Bessent has publicly expressed support for extending provisions of the Tax Cuts and Jobs Act of 2017, a move that has been met with both praise and criticism for its potential impact on the federal deficit. He proposes offsetting the cost of extending these tax cuts through spending cuts and adjustments to existing tax structures. The confirmation hearing is a crucial step in Bessent's path to becoming the nation's top financial officer, overseeing massive agencies within the Treasury Department, including the Internal Revenue Service
SCOTT BESSENT TREASURY SECRETARY CONFIRMATION HEARING SENATE FINANCE COMMITTEE DONALD TRUMP TAX CUTS TRADE POLICY
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