WASHINGTON – U.S. Treasury nominee Scott Bessent emphasized the potential for a “new economic golden age” during his confirmation hearing on Thursday, presenting a vision for the country’s financial future.
Bessent underscored the need to fortify vulnerable supply chains, implement sanctions to protect national security, and ensure that the U.S. dollar retains its status as the world’s reserve currency.
During the Senate Finance Committee hearing, lawmakers scrutinized Bessent’s perspectives on taxes, tariffs, and trade policy, reflecting broader concerns about U.S. economic strategy.
Bessent, a billionaire from South Carolina, rose to prominence as a Trump donor and adviser. His nomination follows consideration of other prominent figures, including billionaire investor John Paulson.
As treasury secretary, Bessent would play a crucial role in shaping fiscal policy and managing public debt, while also being a key member of the National Economic Council.
If confirmed, he will oversee significant agencies within the Treasury Department, including the Internal Revenue Service, which recently received increased funding through the Inflation Reduction Act despite ongoing funding debates.
Bessent is expected to help reshape the global trade landscape, facilitate substantial tax cuts, manage national debt, and maintain stability in financial markets.
“We must prioritize productive investment that stimulates economic growth over wasteful spending that fuels inflation,” Bessent stated during his testimony.
Senators are anticipated to probe Bessent extensively regarding cryptocurrency, previous tax cuts implemented during the Trump administration, and any possible conflicts of interest.
Sen. Elizabeth Warren has submitted over 100 written questions for Bessent, probing issues ranging from agency independence to housing and financial oversight.
Furthermore, allegations have emerged suggesting Bessent may have avoided paying approximately $1 million in taxes related to his hedge fund, a topic sure to be addressed during the hearing.
Bessent advocates for extending provisions of the 2017 Tax Cuts and Jobs Act, estimating that the overall cost of these tax cuts could range from nearly $6 trillion to $10 trillion over the next decade, while calling for spending cuts to balance the federal deficit.
