Billionaire Hedge Fund Manager Scott Bessent Confirmed as New US Treasury Secretary

In a significant development, the Senate voted on Monday evening to confirm Scott Bessent as the next Secretary of the Treasury, marking a pivotal moment in the formation of President Donald Trump's administration. Bessent, a 62-year-old billionaire and hedge fund manager, garnered substantial bipartisan support, with the Senate voting 68-29 in his favor, including over a dozen Democrats joining the Republican majority[1][3][5].

Bessent's extensive career in finance is noteworthy, having spent more than three decades in investment banking and hedge funds. He previously worked for George Soros' firm, Soros Fund Management, where he played a key role in the successful $1 billion bet against the British pound in 1992. Despite his past affiliations with Democratic causes, including a fundraiser for Al Gore in 2000, Bessent has recently been a vocal supporter of Trump's policies, advocating for deficit reduction, deregulation, and the extension of the 2017 tax cuts[1][2][4].

As Treasury Secretary, Bessent will oversee the department managing the nation's finances and the Internal Revenue Service (IRS). He has emphasized the need to address the federal deficit, proposing spending cuts and shifts in existing taxes to offset the costs of extending Trump's tax cuts. Bessent also highlighted the importance of tackling the nation's debt, suggesting that consumer prices can be brought down through a deficit reduction program[2][3].

Bessent's confirmation is also historic, as he will become the first openly gay Senate-confirmed Cabinet member in a Republican administration and the highest-ranking openly LGBTQ person in U.S. history. He and his husband, former New York City prosecutor John Freeman, have two children via surrogacy[1][2][3].

During his Senate Finance Committee hearing, Bessent outlined his vision for economic policy, including the extension of Trump's 2017 tax cuts, which he believes is the "single most important economic issue of the day." He warned that failing to extend these tax cuts could lead to "economic calamity." Bessent also expressed his support for Trump's tariffs, arguing that they can increase revenue and encourage businesses to restore domestic production[3][4].

Bessent's appointment comes as part of a broader effort by Senate Republicans to swiftly confirm Trump's picks for top administration posts. His confirmation vote follows the approval of other key figures, including Secretary of State Marco Rubio and CIA Director John Ratcliffe[3].

In his new role, Bessent will bring a deep understanding of the economy and markets, gained from his extensive experience in the private sector. Despite never having served in government, he has expressed his intention to lean on others for counsel to effectively craft economic policy[3][4].