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Senate confirms Scott Besent as Secretary of the Treasury

Senate confirms Scott Besent as Secretary of the Treasury

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Washington – The Senate voted to confirm Scott Besent As Treasury Secretary on Monday, while Senate Republicans work to quickly install President Trump’s elections for the main administration positions.

In a 68 to 29 vote, the Senate confirmed to Besent, the first Senate openly confirmed member of the Gay Cabinet of a Republican Administration.

Besent, 62, is the founder of the Key Square Fund group based in Connecticut headquarters. The incoming treasure secretary appeared before the Senate Finance Committee Earlier this month, which advanced its nomination on a bipartisan base.

The nominated for the Secretary of the Treasury appeared before the Senate Finance Committee Earlier this month, which advanced Besent’s nomination in a bipartisan way last week.

“Mr. Besent has decades of academic, professional and leadership experience for this position, as well as for gravity, behavior and character to be an effective secretary,” said Senator Mike Crapo, president of the Finance Committee, Before the vote. Advance of Besent’s nomination outside the committee. “There is no doubt that Mr. Besent is an excellent option for the Secretary of the Treasury.”

Besent described in his opening statement to the committee that was born and grew in the Lowcountry of South Carolina, where he said that his family had financial problems and began working at the age of nine years. Then he attended Yale University and began working in finance. He and her husband, the former New York City Prosecutor John Freeman, have two children.

“My life has been the only story of America that I am determined to preserve for future generations,” Bessent said.

Scott Besent, founder and executive director of Key Square Group LP and nominated for the Treasury Secretary, during a confirmation hearing of the Senate Finance Committee in Washington, DC, on Thursday, January 16, 2025.
Scott Besent, founder and executive director of Key Square Group LP and nominated for the Treasury Secretary, during a confirmation hearing of the Senate Finance Committee in Washington, DC, on Thursday, January 16, 2025.

To Drago/Bloomberg through Getty Images


Besent said that his work in the private sector has given him a “deep understanding” of the economy and markets, which he will be invaluable to elaborate economic policy. But he acknowledged that he has never served in the government and intends to rely on others to obtain advice.

The billionaire, a former Soros Fund Management executive, provided economic advice to the Trump campaign and has been a vocal defender of Trump’s policies in recent years, from rates to expenses of expenses.

Besent said during the committee hearing that he believes that the president has a “generational opportunity to unleash a new economic gold age that will create more jobs, wealth and prosperity for all Americans.”

“Today, Americans face significant challenges in an economy that has not created enough opportunities for working men and women,” said Besent, pointing out a crisis of affordability and housing scarcity. He said the federal government has a “significant expenditure problem”, adding that “we must work to order our fiscal house” and adjust discretionary expenditure.

As secretary of the Treasury, Besent would supervise the department that manages the finance of the Nation, as well as the IRS, the fiscal agency of the Nation.

Among his priorities, Besent described the extension of the 2017 tax cuts of Mr. Trump, some of which will expire at the end of the year, the “most important economic problem of the day.” If the tax cuts do not extend, Besent warned, the nation would face “economic calamity.”

Besent’s confirmation vote occurs when the Senate has been since Trump assumed the position last week confirmed a handful of his cabinet and the main elections of the administration, including Secretary of State Marco Rubio, CIA director John Ratcliffe, Secretary of Defense Pete Hegseth and Secretary of National Security Kristi Noem.

This week, the upper chamber is expected to advance with a handful of other confirmation votes, while some of the most controversial nominees, Tulsi Gabbard For the National Intelligence Director, Robert F. Kennedy Jr. For Secretary of Health and Human Services and Kash Patel For the director of the FBI: Come before the Senate Committees to obtain confirmation audiences.

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