The Senate on Jan. 27 confirmed Scott Bessent as Treasury secretary in a bipartisan 68-29 vote.
Bessent will resign as CEO and CIO of hedge fund Key Square Group and be sworn in as the federal government’s chief financial officer.
In his new role, Bessent will be tasked with overseeing and implementing key pieces of President Donald Trump’s economic agenda.
During a confirmation hearing Jan. 16, Bessent 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.
He later added that extending the 2017 tax law “is the single most important issue of the day.”
Tax policy will be one of the main focuses in Congress this year as lawmakers debate which of the 2017 provisions should be extended, made permanent or allowed to expire.
Democrats have criticized the 2017 bill for disproportionately helping wealthier Americans and corporations, but Republicans control Congress and the White House and broadly support extending the entire bill.
Eric J. Pan, president and CEO at Investment Company Institute, welcomed Bessent's confirmation in a statement.
"Bessent is deeply versed in finance, and his thorough understanding of our markets makes him an ideal leader in this important position," Pan said. "His leadership will be vital to strengthening our country’s economy, and we look forward to working with him to support the interests of registered funds and the more than 120 million investors they serve.”
Similarly, Kenneth E. Bentsen, Jr., president and CEO at the Securities Industry and Financial Markets Association, congratulated Bessent.
"SIFMA and our members look forward to working with the secretary to ensure our nation’s capital markets remain robust and resilient, and play their part in fueling economic growth and job creation," Bentsen said in a statement.
