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What will be the impact of Scott Bessent's confirmation on U.S.-China trade relations by the end of 2025?
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Scott Bessent•South Carolina•Donald Trump•Senate•Bessent•Soros Fund Management•Key Square Group•Democrats•Mark Warner•Maggie Hassan•Republican•IRS•Trump•China
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Story
Senate Finance Committee Advances Trump's Treasury Pick Scott Bessent with 16-11 Vote, Two Democrats Support
Jan 21, 2025, 03:43 PM
The U.S. Senate Finance Committee has voted to advance the nomination of 62-year-old Scott Bessent, from South Carolina, as President Donald Trump's Treasury Secretary, with a vote of 16-11. The nomination now moves to the full Senate for a final confirmation vote. Bessent, a former partner at Soros Fund Management and founder of Key Square Group, received support from two Democrats, Senators Mark Warner and Maggie Hassan, alongside all Republican members of the committee. Bessent's nomination has stirred debate, with critics citing his past business dealings and concerns over his tax practices, including ongoing IRS litigation over alleged tax evasion of nearly $900,000. Supporters praise his experience and alignment with Trump's economic agenda, particularly his support for making permanent the 2017 Tax Cuts and Jobs Act and his stance on imposing tariffs on China to address their economic practices. If confirmed, Bessent will oversee the management of the nation's $28 trillion Treasury debt market.
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