Senate votes to confirm Scott Bessent as next Treasury Secretary


Summary

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The 62-year-old spent more than three decades in investment banking before becoming an economic adviser for the Trump 2024 campaign.

Full story

The Senate voted Monday evening to confirm Scott Bessent as Secretary of the Treasury. The 62-year-old spent over three decades in investment banking and hedge funds before becoming a donor and economic adviser for President Donald Trump’s 2024 campaign.

The Senate voted 68-29 to confirm Bessent, with over a dozen Democrats joining the Republican majority in supporting his confirmation.

Bessent has a history of supporting Democrats and Republicans, once holding a 2000 fundraiser for Democratic nominee Al Gore.

He also worked for a firm run by major Democratic donor George Soros, playing a leading role on the team that made a successful $1 billion bet on the 1992 crash in the value of the British pound.

However, with the Trump campaign, Bessent has pushed policies that align with many conservative priorities. He has proposed loosening regulations on businesses and opposes raising the federal minimum wage from the current rate of $7.25 an hour.

He also raised concerns over Federal Reserve Chair Jerome Powell. Although Trump nominated Powell to his current position, the president has vocally criticized his approach to inflation and interest rates.

Bessent has proposed a plan to nominate and confirm a new chair before Powell’s term expires in 2026 and have the future chair give economic forecasts, previewing the time after Powell leaves the role.

With his confirmation, Bessent will become just the second openly gay man to serve as a cabinet secretary. As the fifth person in the presidential line of succession, he will become the highest-ranking openly LGBTQ person in U.S. history.

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Why this story matters

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Bias comparison

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  • Not enough coverage from media outlets in the center to provide a bias comparison.
  • Not enough coverage from media outlets on the right to provide a bias comparison.

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Key points from the Center

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Key points from the Right

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The 62-year-old spent more than three decades in investment banking before becoming an economic adviser for the Trump 2024 campaign.

Summary

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Full story

The Senate voted Monday evening to confirm Scott Bessent as Secretary of the Treasury. The 62-year-old spent over three decades in investment banking and hedge funds before becoming a donor and economic adviser for President Donald Trump’s 2024 campaign.

The Senate voted 68-29 to confirm Bessent, with over a dozen Democrats joining the Republican majority in supporting his confirmation.

Bessent has a history of supporting Democrats and Republicans, once holding a 2000 fundraiser for Democratic nominee Al Gore.

He also worked for a firm run by major Democratic donor George Soros, playing a leading role on the team that made a successful $1 billion bet on the 1992 crash in the value of the British pound.

However, with the Trump campaign, Bessent has pushed policies that align with many conservative priorities. He has proposed loosening regulations on businesses and opposes raising the federal minimum wage from the current rate of $7.25 an hour.

He also raised concerns over Federal Reserve Chair Jerome Powell. Although Trump nominated Powell to his current position, the president has vocally criticized his approach to inflation and interest rates.

Bessent has proposed a plan to nominate and confirm a new chair before Powell’s term expires in 2026 and have the future chair give economic forecasts, previewing the time after Powell leaves the role.

With his confirmation, Bessent will become just the second openly gay man to serve as a cabinet secretary. As the fifth person in the presidential line of succession, he will become the highest-ranking openly LGBTQ person in U.S. history.

Tags: , , , , , , , , ,

Why this story matters

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Get the big picture

Synthesized coverage insights across 193 media outlets

Policy impact

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Bias comparison

  • The Left volutpat erat lacinia sit adipiscing lacus taciti nullam amet ridiculus euismod bibendum elementum sodales, ut torquent libero pellentesque fringilla litora tempus convallis vivamus potenti quis condimentum.
  • The Center non pharetra mi id etiam mollis ridiculus pretium himenaeos, libero finibus sagittis congue sociosqu leo sodales.
  • Not enough coverage from media outlets on the right to provide a bias comparison.

Media landscape

Click on bars to see headlines

271 total sources

Key points from the Left

  • Varius ut diam ante efficitur risus mattis habitant netus, per dictum vehicula sociosqu euismod gravida sodales.

Report an issue with this summary

Key points from the Center

  • Amet eleifend mi suspendisse malesuada bibendum potenti laoreet libero magna lacinia rutrum, litora maecenas sociosqu urna nec neque cubilia arcu velit sed.

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Key points from the Right

  • Rutrum efficitur nostra id consectetur volutpat pretium commodo per viverra netus sagittis habitant tempor dictumst etiam, tellus conubia platea facilisis sollicitudin nisi inceptos maecenas eu sodales semper risus euismod nulla.

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