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Bessent testifies before the Senate Finance Committee during his confirmation hearing for Treasury Secretary in the Dirksen Senate Office Building in Washington, D.C., on Jan. 16, 2025. Chip Somodevilla/Getty Images/Getty Images North America hide caption
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Chip Somodevilla/Getty Images/Getty Images North America
Wall Street investor Scott Bessent was confirmed as the next Treasury secretary by the Senate on Monday.
Bessent is a wealthy hedge fund manager who's seen as a business-friendly choice. He was confirmed by a vote of 68 to 29, signaling a degree of bipartisan support for the new Treasury secretary.
As secretary, Bessent will be a leading voice for the administration on economic policy. He's expected to lead the push to extend — and possibly expand — the 2017 tax cuts.
Bessent will be the first openly gay person to serve as Treasury secretary.
