The Senate Finance Committee on Jan. 21 advanced the nomination of Scott Bessent, President Donald J. Trump’s pick for Treasury secretary, in a 16-11 vote.
All 14 committee Republicans and two Democrats supported Bessent’s nomination, which will now head to the full Senate for consideration.
During a confirmation hearing before the committee on Jan. 16, Bessent, CEO and CIO of hedge fund Key Square Group, implored lawmakers to extend the provisions in the Republican’s 2017 Tax Cuts and Jobs Act, many of which expire at the end of 2025.
“We must make permanent the 2017 Tax Cuts and Jobs Act and implement new pro-growth policies to reduce the tax burden on American manufacturers, service workers and seniors,” he said.
Some Democrats on the committee raised concerns after receiving Bessent’s tax returns, saying the Treasury secretary nominee used loopholes and write-offs to avoid paying nearly $2 million in taxes.
“You cannot effectively serve as Treasury Secretary with the cloud of tax avoidance hanging over your head,” wrote Senate Democrats Elizabeth Warren of Massachusetts, Ron Wyden of Oregon and Sheldon Whitehouse of Rhode Island, in a Jan. 20 letter to Bessent. “To address these concerns, we write to ask that — if you are confirmed — you act to bolster public confidence in your leadership of the Treasury Department.”
The senators asked Bessent to voluntarily submit to an IRS audit of his last five years of tax returns, and any returns filed while he is Treasury secretary, and to recuse himself from any Treasury Department discussions related to the questions raised by his tax returns.
For now, Bessent’s nomination will head to the full Senate, though a vote has yet to be scheduled.