According to a report by CPA Practice Advisor, Scott Bessent has been confirmed as Treasury Secretary by a 68-29 Senate vote.

A seasoned hedge fund manager, Bessent faces immediate challenges, including overseeing the fate of over $4 trillion in expiring tax cuts set to lapse by the end of the year. During the confirmation hearing, Bessent warned of “devastating” economic consequences if Congress fails to act. 

According to CPA Practice Advisor, Bessent’s confirmation was not without controversy. Senate Democrats scrutinized his handling of self-employment taxes at his hedge fund, Key Square Group. Critics argued that his tax practices could signal potential conflicts of interest in his new role. However, his supporters, including Senate Majority Leader John Thune and finance Chairman Michael Crapo, highlighted his private-sector experience and financial expertise as assets for guiding U.S. economic policy. 

As Treasury Secretary, Bessent will play a pivotal role in navigating tax reform, managing the national debt and influencing global financial policy. He has also voiced support for government spending cuts and Trump’s proposed tariffs on imports. Bessent’s confirmation signals his central role in shaping the administration’s economic agenda during a critical year for U.S. fiscal policy and global economic engagement, CPA Practice Advisor reported. 

Bessent, who is a South Carolina native, beat several other potential candidates for Trump’s nomination for the role, including Howard Lutnick, the president’s nominee for commerce secret. Bessent came under scrutiny for ties to liberal megadonor George Soros. He was chief investment officer at Soros Fund Management prior to starting his own firm, CPA Practice Advisor said.