US Senate Confirms Hedge Fund Manager Scott Bessent As Treasury Secretary

WASHINGTON, Jan. 28 (Bernama-Xinhua) -- The US Senate on Monday confirmed hedge fund manager Scott Bessent as Treasury Secretary, positioning him to lead the new administration's economic policies, including tariffs, tax cuts and deregulation, reported Xinhua.

The upper chamber approved the nomination by a vote of 68 to 29.

Born in Conway, South Carolina, Bessent is the founder and CEO of Key Square Group, a global macro investment firm. He previously stated that, if confirmed, he would resign from the firm and divest his assets to prevent any conflicts of interest.

Bessent faced scrutiny from Democrats on the Senate Finance Committee after Democratic staff reviewed his tax returns, revealing that he had structured his hedge fund earnings to avoid over US$900,000 in payroll taxes. Bessent defended his actions, stating that he had followed all relevant tax laws.

The confirmation marks another quick approval of President Donald Trump's cabinet picks, with the Senate already confirming several key positions just a month into the administration.

On Saturday, the Senate confirmed South Dakota Governor Kristi Noem as Secretary of Homeland Security, tasking her with enforcing the administration's stricter immigration policies.

Other recent confirmations include Marco Rubio as Secretary of State, John Ratcliffe as Central Intelligence Agency (CIA) Director, and Pete Hegseth as Secretary of Defence.

--BERNAMA-XINHUA