Senate Confirms Billionaire Scott Bessent As Treasury Secretary
He has warned of 'economic calamity' if Republican tax cuts are not extended
The Senate confirmed hedge fund manager Scott Bessent as President Donald Trump's Treasury Secretary on Monday.
Bessent, 62, will play a key role in implementing Trump's economic agenda.
During his confirmation hearing, Bessent warned there would be "economic calamity" if the Republican tax cuts that are due to expire at the end of the year are not extended.
Bessent backs tougher sanctions on Russian oil majors as a way to end the war in Ukraine, while signaling a hawkish approach on China, according to the AFP.
During his confirmation hearing, Bessent stressed that Washington should ensure its lead in areas like chips and artificial intelligence while adding he would push Beijing to boost US agriculture purchases.
Trump returned to the White House this month on promises to help the world's biggest economy avert "calamity," vowing lower taxes to aid Americans squeezed by high costs of living and tariffs to pressure other countries to align on US concerns.
Bessent's confirmation would make him one of the first openly gay cabinet officials and is married with two children.
He has said he will resign as chief executive at the Key Square Group hedge fund and divest his partnership as he takes the Treasury role.
© Copyright IBTimes 2024. All rights reserved.
- MOST POPULAR IN U.S.
