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The nonpartisan Committee for a Responsible Federal Budget has estimated that extending the 2017 law would increase the national debt by more than $4 trillion over the next 10 years. Bessent did not directly answer the question. His testimony highlighted his belief in balancing fiscal discipline with policies that stimulate private-sector investment.
Diplomatic Credentials
With four decades in global finance, Bessent has interacted with central bankers and economic leaders across 60 countries.But Bessent downplayed these concerns. Here's what to know
We're following the confirmation hearings for the incoming Trump administration. Bessent’s personal life includes marriage to former New York City prosecuting attorney John Freeman, with whom he shares two children.
He follows closely behind Pete Buttigieg, who was appointed as transportation secretary during President Joe Biden’s administration. While Republicans praised his experience and commitment to economic growth, Democrats questioned his ability to act as a counterbalance to Trump’s economic strategies. "It is crucial to have a Treasury Secretary in place to navigate economic challenges, and I support his confirmation," Wyden said.
Serving under President Donald Trump, Bessent was confirmed by the Senate with a vote of 68-29 in January.
With his appointment, Bessent joins a short list of openly LGBTQ+ individuals who have held Cabinet-level positions confirmed by the Senate. Tariffs have been a particularly contentious topic: Economists warn that Trump's sweeping proposals could restart inflation.
He has signalled support for extending Trump’s 2017 tax cuts, prioritising private-sector-driven economic expansion.
Over more than three hours, Bessent calmly fielded questions from Democrats and praise from Republicans. His expertise in currency markets and trade negotiations will be crucial in handling US-China economic relations, ongoing sanctions on Russia, and trade disputes with allies like Canada and Mexico.
His nomination secured bipartisan support in the Senate with a 68-29 vote. Before entering public service, he was best known for his role as Chief Investment Officer at Soros Fund Managementand later as the founder of Key Square Capital Management.
"I believe Wall Street has done great the past few years, and that Main Street has suffered.
In his farewell address on Wednesday evening, President Biden warned "an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights and freedoms and a fair shot for everyone to get ahead."
At Thursday's hearing, Vermont Sen. Bernie Sanders, an independent who caucuses with Democrats, asked Bessent if he agreed with Biden.
If confirmed, Bessent will be responsible for implementing Trump's proposed economic policies, including tax cuts and sweeping tariffs.
Here's what happened at the hearing
Trump's promised tax cuts, and their potential consequences for the U.S. economy, took center stage at Bessent's confirmation hearing. His expertise in currency markets and macroeconomic trends made him a trusted adviser in financial circles.
At one point, Sen. Maggie Hassan, D-N.H., asked Bessent if he thought any of Trump's economic policies would increase inflation.