Scott Bessent, who has been nominated for U.S. Treasury Secretary, appeared before the Senate Finance Committee on Thursday. He faced tough questions from both Democrats and Republicans about various issues, including tax policy, tariffs, sanctions on China and Russia, and the future of a free tax filing program offered by the IRS.
Bessent, a supporter of President Trump, defended the economic policies proposed by the President-elect. He warned that the U.S. could face serious economic problems if Congress does not extend parts of Trump’s 2017 tax cuts. He also emphasized that the Federal Reserve should stay independent of the president’s influence and called for stronger sanctions on Russian oil.
Bessent’s nomination was introduced by Republican Senator Lindsey Graham, who praised Bessent’s experience and loyalty to the country. However, some Democrats, like Senators Ron Wyden and Michael Bennet, expressed concerns that the tax cuts favored the wealthiest Americans and contributed to the national debt, which has now surpassed $36 trillion.
Bessent, who is a billionaire, has a history of donating to both Democratic and Republican causes. He has also worked with George Soros, a known supporter of the Democratic Party. Senator Ron Johnson from Wisconsin questioned him about reducing national spending to pre-pandemic levels.
Bessent said he would keep the IRS’ Direct File program, which allows people to file their taxes directly for free, at least for the 2025 tax season. Many Republicans believe this program is unnecessary since there are already free tax filing options available.
In his testimony, Bessent also called for tougher sanctions on Russia, criticizing the Biden administration for not being strong enough on the issue. He said the Trump administration had concerns about raising U.S. energy prices during election seasons.
If confirmed, Bessent will be in charge of managing U.S. finances, including overseeing the Treasury Department and the IRS. He would also be a key advisor to the president on economic matters.
Bessent’s nomination comes at a time when Trump is pushing for more tax cuts, greater economic growth, and a reduction in national spending. Democrats have expressed concern over the large cost of the tax cuts, which could add up to $10 trillion over the next 10 years. Bessent has called for spending cuts and changes in existing taxes to cover the cost of extending these cuts.
During the hearing, Bessent also responded to questions about his personal taxes, including allegations that he avoided paying around $1 million in taxes. He said that he is up to date with his taxes and is currently in a legal dispute over a portion of them. He also promised to close his hedge fund if he is confirmed as Treasury Secretary.
