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Wall Street investor Scott Bessent is confirmed as Treasury secretary

NPR | By Scott Horsley

Published January 27, 2025 at 7:17 PM EST

Bessent testifies before the Senate Finance Committee during his confirmation hearing for Treasury Secretary in the Dirksen Senate Office Building in Washington, D.C., on Jan. 16, 2025.

Wall Street investor Scott Bessent was confirmed as the next Treasury secretary by the Senate on Monday.

Bessent is a wealthy hedge fund manager who's seen as a business-friendly choice. He was confirmed by a vote of 68 to 29, signaling a degree of bipartisan support for the new Treasury secretary.

As secretary, Bessent will be a leading voice for the administration on economic policy. He's expected to lead the push to extend — and possibly expand — the 2017 tax cuts.

Bessent will be the first openly gay person to serve as Treasury secretary.