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Senate to vote on hedge fund executive from South Carolina for US Treasury leadership


The Senate is set to vote on Monday to confirm Scott Bessent as President Trump’s pick to lead the Treasury Department. Bessent, a hedge fund billionaire, recently appeared before the Senate Finance Committee where he emphasized the importance of extending the 2017 Tax Cuts and Jobs Act approved by Trump. He warned of an economic calamity and a significant tax increase for the middle-class if the cuts are not renewed. Many reforms from the tax cuts are scheduled to expire in 2025, leading some groups to predict a tax hike of over $1,500 for Americans in 2026.

While critics, including Democratic lawmakers and liberal groups, argue that the tax cuts mainly benefited the wealthy, Bessent believes that extending them will lead to a “golden age” of economic prosperity for all Americans. Trump’s economic plan also includes imposing tariffs of up to 60% on imported goods, with Bessent supporting the use of tariffs in his confirmation hearing. If confirmed, Bessent would oversee federal finances and agencies like the IRS as head of the Treasury Department.

The Senate Finance Committee advanced Bessent’s nomination by a wide margin, making his confirmation on Monday highly likely. Bessent’s stance on extending the tax cuts and implementing tariffs align with Trump’s economic policies, which he believes will bring about widespread economic growth and job creation.

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