Scott Bessent confirmed as treasury secretary, giving him a key role in extending Trump’s tax cuts

The U.S. Senate confirmed billionaire investor Scott Bessent on Monday to serve as President Donald Trump’s treasury secretary, giving him the delicate balancing act of cutting taxes and curbing deficits while putting forward a plan on tariffs that doesn’t jeopardize growth.

He was confirmed on a 68-to-29 vote, with 16 Democrats voting in favor of making him the nation’s 79th treasury secretary.

The South Carolina resident will be the first openly gay individual in the role, a historic first as Trump seeks novel ways to implement a policy agenda driven by both billionaire business leaders with concerns over regulations and a populist base that wants government leaders to fight for them.