Scott Bessent Confirmed as Next US Treasury Secretary

By a vote of 68-29, the U.S. Senate confirmed Scott Bessent as the next secretary of the Treasury.

The U.S. Senate voted 68-29 on Monday to confirm Scott Bessent as the next secretary of the Treasury.

Bessent, a former hedge fund manager and close ally of President Donald Trump, will now replace Janet Yellen, who was appointed to the position on Jan. 26, 2021.

Prior to the vote, Senators Elizabeth Warren (D-Mass.) and Ron Wyden (D-Ore.) both spoke in opposition to Bessent’s confirmation, arguing that he was not qualified for the position due to the fact that he owes Medicare taxes.

However, Republican senator Mike Crapo of Idaho disputed the allegations, saying that the Senate’s finance committee had conducted a thorough investigation of Bessent’s finances and found the allegations to be without merit.

At a recent gathering that was held to commemorate her public service, Secretary Yellen cited several achievements of her term in office.

“Over the past four years, I am proud that we tackled an array of hard issues head-on,” she said. “We drove an historic economic recovery from the pandemic, one distinguished not only by its speed, but also by its inclusiveness. We ensured that investments in manufacturing and clean energy reached people and places that had long been overlooked. We strengthened the resilience of the U.S. financial system while navigating a regional bank crisis, two debt limit impasses, and a downgrade of U.S. sovereign debt.”

Bessent, who founded Key Square Capital Management and served as an advisor during Trump’s successful campaign for the presidency, is a graduate of Yale University and a supporter of the president’s idea of implementing tariffs, which will now influence economic policy moving forward.