Scott Bessent inches one step nearer to Treasury secretary.
The Senate Finance Committee greenlit billionaire financier Scott Bessent’s nomination as President Donald Trump’s U.S. Treasury secretary.
Two Democrat senators—Sens. Maggie Hassan (D-N.H.) and Mark Warner (D-Va.)—voted in favor with all Republicans.
Bessent’s nomination will head to a ground vote within the coming days.
U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) extolled Bessent’s {qualifications} and reaffirmed his dedication to a swift affirmation.
“Mr. Bessent has many years of educational, skilled, and management expertise related to the place, in addition to the gravitas, demeanor, and character to be an efficient secretary,” Crapo mentioned at an govt session.
“There isn’t any doubt that Mr. Bessent is a superb alternative for secretary of the Treasury. He has my vote.”
He additionally dismissed committee members’ worries about Trump’s tariff plans, stating that commerce levies can strengthen the U.S. greenback, facilitate modifications to client preferences, and push international producers to slash costs.
“The historical past of tariffs and tariff concept—optimum tariff concept—doesn’t assist what you’re saying,” Bessent mentioned.
Bessent famous that tariffs will be categorised into three classes: a device to handle unfair commerce, a income supply, and a negotiating tactic.
All through the listening to, Bessent touched upon a variety of financial points, corresponding to reiterating his assist for Federal Reserve independence, opposing the creation of a central financial institution digital forex, and revealing he could be open to eliminating the debt ceiling.
Democrats Categorical Concern Over Taxes
Sen. Ron Wyden (D-Ore.), a rating member on the committee, opposed Bessent’s nomination, stating that the Key Sq. Group founder has not been “sq. on his taxes.”
Different committee members, together with Sens. Peter Welch (D-Vt.) and Sheldon Whitehouse (D-R.I.), expressed concern surrounding the tax dispute between Bessent and the IRS.
“It speaks to the double commonplace in America,” Whitehouse mentioned. “In the event you’re a billionaire, you’re not anticipated to observe the foundations. Everybody else is anticipated to observe the foundations.”
In protection of the U.S. Treasury nominee, Crapo said that the IRS has been in search of to change its interpretation of the tax regulation in query.
“If the Inner Income Service’s change of that interpretation is accepted, then he would owe taxes as would many, many different individuals,” Crapo mentioned.
“This concern is in court docket, not in a case he has introduced, however in a case one other taxpayer has introduced in opposition to the IRS attempting to alter the foundations.”
Treasury secretary nominee Scott Bessent testifies earlier than the Senate Committee on Finance on the U.S. Capitol on Jan. 16, 2025. Madalina Vasiliu/The Epoch Instances
Wyden additionally said in his ready remarks that Bessent was unprepared to reply tax coverage questions and struggled all through final week’s affirmation listening to.
“I don’t anticipate to agree with a Trump nominee on an entire lot in terms of financial coverage,” he mentioned.
“However a nomination listening to is actually a job interview, and I do anticipate nominees to return ready. Mr. Bessent flunked that check on the most important financial coverage debate of the day.”
The highest Democrat on the Senate Finance Committee later cited information studies of an alleged pay-to-play scheme by Trump aide Boris Ephshteyn.
Wyden mentioned that in a one-on-one assembly, Bessent instructed him about Ephshteyn’s speaking about funds for public relations.
“He gave a special reply in response to a written query after his listening to,” Wyden said.
“His new reply is, no one ever requested him about funds in alternate for an appointment. He nonetheless received’t reveal who else in Trump’s orbit he talked to about it.”
Up to now, newly sworn-in Secretary of State Marco Rubio has been the one Trump nominee to be confirmed by a Senate vote.
Senate panels have superior different nominees, together with Pete Hegseth (Protection), John Ratcliffe (CIA), Kristi Noem (Homeland Safety), and Russell Vought (Workplace of Administration).
