The US Senate has confirmed Scott Bessent as Secretary of the Treasury. He will be the chief economic spokesman for President Donald Trump and his sweeping program of tax cuts, deregulation, and trade rebalancing.
Bloomberg and CNN report this.
Scott Bessent confirmed as US Treasury Secretary
Bessent's confirmation as Treasury Secretary was supported by 68 senators, with 29 voting against.
Now watching
In addition to the support of every Republican senator, Bessent has secured the backing of one independent and 15 Democrats, suggesting that the minority party may be more willing to work with Donald Trump's administration on certain economic issues than it was during Trump's first term.
Trump's first Treasury secretary, Steven Mnuchin, received just one Democratic vote when he was confirmed in 2017.
Bessent is Trump's fifth nominee to be confirmed, underscoring the importance lawmakers place on quickly appointing someone to lead the Treasury.
Once sworn in, 62-year-old Scott Bessent will face an immediate challenge over managing the U.S. debt burden. The federal debt limit was reactivated in early January, forcing the Treasury to engage in special accounting maneuvers to avoid breaching it.
And on Feb. 5, the department is scheduled to update its plans for issuing Treasury bonds amid a historically high budget deficit.
With 10-year Treasury yields threatening to hit 5%, Bessent's experience in financial markets is seen as a particular advantage.
Even his Democratic predecessor Janet Yellen highlighted his market expertise before leaving office this month.
Bessent's stance on sanctions against Russia and the war in Ukraine
Bessent suggested he might tighten sanctions against Russia during his confirmation hearings, saying he would “100% support imposing sanctions” on major Russian oil companies if Trump asks for it.
On January 22, Trump said he would impose taxes, tariffs, and sanctions on Russia if it does not end the war in Ukraine.
Bessent also said the U.S. could “make Iran poor again” with sanctions, later clarifying that he meant the Iranian government, not its people.
But imposing tough sanctions on the two largest oil producers without increasing production by other countries could limit oil supply and drive up oil prices.
On January 16, time of testimony at the hearing of the US Senate Finance Committee Scott Bessent called for strengthening oil sanctions against Russia.
— The tragedy that is happening in Ukraine is one of the biggest in my adult life. To end it as soon as possible if I am appointed Minister of Finance, — that is what I would like, — said Bessent.
Commenting on the US sanctions imposed on Gazprom Neft, Surgutneftegaz and dozens of other Russian oil service companies, traders and tankers on January 10, Bessent said:
— I was puzzled to see White House National Security Adviser Jake Sullivan tightening sanctions against Russian oil companies just days before leaving office. Indeed, oil prices in the US have risen by 9 percent this month.
Bessent believes that until recently, US sanctions against the Russian oil sector were too weak because the Biden administration was afraid of rising oil prices on the world market and in the US itself if Russia's exports decreased, especially on the eve of the US elections.
At the same time, as Bessent noted, the Democrats were limiting domestic oil production. He is convinced that increased production in the US will allow sanctions against Russian oil companies to be strengthened.
In particular, Bessent stressed that he would 100 percent support the introduction of sanctions against Russia.
— If any Russian officials are following these hearings, they should know that if I am confirmed, and if President Donald Trump requires it as part of his strategy to end the war in Ukraine, I will 100 percent support sanctions — especially on Russian oil companies — to a level that will bring Russia to the negotiating table, — Bessent said.
