The veteran investor will be at the center of President Trump’s efforts to cut taxes, fight inflation and impose stiff tariffs on imports.

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.

He has said the U.S. faces economic calamity if Congress does not renew key provisions of Trump’s Tax Cuts and Jobs Act that are set to expire Dec. 31, 2025.