Treasury Pick Wins Senate Confirmation

Democrats argue nominee's tax returns show how the wealthy profit under current system
By Bob Cronin,  Newser Staff
Posted Jan 27, 2025 6:20 PM CST
Treasury Pick Wins Senate Confirmation
Scott Bessent appears before the Senate Finance Committee for his confirmation hearing at the Capitol in Washington on Jan. 16.   (AP Photo/J. Scott Applewhite)

Scott Bessent, a hedge fund manager, won Senate confirmation on Monday to become Treasury secretary, minutes after two Democrats criticized him in floor speeches over his handling of self-employment taxes involving his hedge fund. The 68-29 vote puts Bessent in place to steer President Trump's economic priorities, including extending major tax cuts. During confirmation hearings, the nominee said the tax cuts would be his priority, USA Today reports.

A memo by Democratic Finance Committee staffers accused Bessent of avoiding paying more than $900,000 in self-employment taxes, as well as taking deductions for questionable expenses. Sen. Ron Wyden accused the nominee of benefiting from a system that has a different set of rules for the wealthy, per Roll Call. Sen. Elizabeth Warren delivered a similar floor speech. Trump administration officials counter that Bessent paid all taxes due under current law. "He brings a wealth of private sector experience in the economy and markets to his new role, as well as the concern for the needs of working Americans," Senate Majority Leader John Thune said on the floor, per the Hill. The new Treasury secretary, he said, is an "example of the American dream in action." (More Scott Bessent stories.)

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