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Scott Bessent confirmed by Senate to serve as Trump’s treasury secretary

Rep. Andy Harris, R-Md., weighs in on Trumps tax cuts amid Scott Bessents confirmation hearing and Congress grappling with a strategy for the reconciliation bill.

The Senate on Monday voted to confirm Scott Bessent to serve as treasury secretary following his nomination to the role by President Donald Trump.

Bessent was confirmed on a 68-29 vote by the full Senate.

Bessent, 62, is the founder and CEO of global macro investment firm Key Square Group, which he has said he would wind down if confirmed as treasury secretary. The firm focused on macro investing, which is a strategy that leverages geopolitical and macroeconomic information to guide its approach to investing in various markets.

He served as a key economic policy advisor and fundraiser for the Trump campaign. Bessent has been an advocate for economic policies such as lower taxes, spending restraint and deregulation that have long made up the core of the Republican Party’s platform, and has also been supportive of Trump’s use of tariffs in trade negotiations.

TRUMP TREASURY PICK: EXTENDING TRUMP TAX CUTS ‘SINGLE MOST IMPORTANT ECONOMIC ISSUE’

The Senate voted to confirm billionaire hedge fund founder Scott Bessent as Trump’s treasury secretary. (Chen Mengtong/China News Service/VCG via Getty Images / Getty Images)

During his confirmation hearings, Bessent said that extending the Trump tax cuts is the “single most important economic issue of the day,” warning a failure to do so would result in a “gigantic” tax increase on middle class Americans due to the expiration of lower tax brackets and a larger standard deduction claimed by most taxpayers.

“If we do not renew an extension, then we will be facing an economic calamity,” Bessent said. “And, as always, with financial instability, that falls on the middle and working class.”

TRUMP’S TREASURY PICK BESSENT WON’T DISCRIMINATE ON TAX CHEATS, VOWS FAIRNESS

Bessent said in his opening remarks that “President Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans.”

“We must secure supply chains that are vulnerable to strategic competitors, and we must carefully deploy sanctions as part of a whole-of-government approach to address our national security requirements,” Bessent added. “And critically — critically — we must ensure that the U.S. dollar remains the world’s reserve currency.”

TRUMP’S TREASURY NOMINEE TURNS TABLES ON SANDERS IN TESTY EXCHANGE ABOUT BIDEN’S ‘OLIGARCHY’ COMMENTS

The Senate Finance Committee previously advanced Bessent’s nomination on a bipartisan 16-11 vote. (Tom Williams/CQ-Roll Call, Inc via Getty Images / Getty Images)

The Senate Finance Committee advanced Bessent’s nomination to the full Senate with a bipartisan vote of 16 to 11 on Jan. 21, the day after Trump’s inauguration. Sens. Mark Warner, D-Va., and Maggie Hassan, D-N.H., were the Democratic senators who joined all of their Republican colleagues in voting to advance his nomination.

During the presidential campaign, Bessent touted what he called the “3-3-3” plan that was modeled off the late Japanese Prime Minister Shinzo Abe’s “three arrows” idea.

Bessent argued for setting a goal of achieving 3% real economic growth, cutting the budget deficit to 3% of gross domestic product (GDP) by 2028, and increasing U.S. energy production to the equivalent of an additional 3 million barrels of oil per day.

TREASURY SECRETARY NOMINEE SCOTT BESSENT’S ‘3-3-3’ PLAN: WHAT TO KNOW

Scott Bessent, founder and chief executive officer of Key Square Group LP, during an interview in Washington, DC, US, on Friday, June 7, 2024. (Stefani Reynolds/Bloomberg via Getty Images / Getty Images)

The role of treasury secretary carries a great deal of significance for conducting the president’s economic agenda.

Treasury secretaries often lead negotiations with Congress over tax and spending matters. They also play a key role in dealing with foreign governments and financial institutions, as well as handling the operations of the Treasury Department and sub-agencies like the Internal Revenue Service (IRS).

During Trump’s first term as president, Steven Mnuchin served as treasury secretary for the duration of the four-year term after he was confirmed by the Senate on a 53-47 vote a few weeks after Inauguration Day.

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Mnuchin served as a key negotiator with Congress on the debt limit, tax and spending policies, as well as COVID relief packages that were enacted in 2020 after the pandemic began.

Fox News Digital’s Diana Stancy contributed to this report.

January 27, 2025
Pete Hegseth confirmed as Trump defense secretary, with help from VP Vance

The Senate voted to confirm President Donald Trump’s nominee, Pete Hegseth, as defense secretary on Friday night after a high-tempered battle to sway lawmakers in his favor that was almost derailed by accusations about his behavior.

The final vote came down to the wire: three Republicans opposed, making for a 50 to 50 vote. Vice President JD Vance was needed to break the tie in the upper chamber.

The Senate’s two moderate Republican women: Lisa Murkowski, R-Alaska, and Susan Collins, R-Maine, voted no. As did Sen. Mitch McConnell, R-Ky., the former GOP leader.

North Carolina Sen. Thom Tillis’ support was not a given, and he did not reveal his stance until the vote was already underway. He ultimately said he would back Trump’s pick, giving him enough support to be confirmed with Vance’s tie-breaking vote.

MODERATE REPUBLICAN MURKOWSKI WON’T BACK TRUMP PICK HEGSETH FOR DEFENSE SECRETARY

Hegseth denied all allegations of sexual, physical or alcohol abuse. (Tom Williams)

In her reasoning, Murkowski cited infidelity, “allegations of sexual assault and excessive drinking” and Hegseth’s previous comments on women serving in the military.

The behaviors he has admitted to alone, she said, show “a lack of judgment that is unbecoming of someone who would lead our armed forces.”

Concerned Veterans for America (CVA), the nonprofit advocacy group at the center of many of the accusations brought up during Hegseth’s confirmation hearing, praised his confirmation in a statement.

“The confirmation of Pete Hegseth as Secretary of Defense presents a real opportunity to prioritize the security and prosperity of our citizens, champion prudence and effectiveness in our defense strategy, and focus our Department of Defense on America’s most vital interests,” the statement read.

The New Yorker reported in December that Hegseth was forced out of CVA, the group he once ran, over allegations of financial mismanagement, sexual impropriety and personal misconduct.

All Democrats opposed the confirmation, a far cry from an earlier vote this week, when Secretary of State Marco Rubio was confirmed unanimously, 99-0.

Hegseth will now lead the government’s largest agency, having long promised to root out Diversity, Equity and Inclusion (DEI) measures across each branch.

Hegseth is a former Fox News weekend host. (AP Photo/Ben Curtis)

HEGSETH CLEARS SENATE HURDLE AND ADVANCES TO A FINAL CONFIRMATION VOTE

The Pentagon under Trump, however, has not waited for a confirmed secretary.

This week, the commander of the Air Force‘s 613th Air Operations Center in Hawaii, who had advocated for more women in roles like her own, was removed from her position. Gen. Kevin Schneider, commander of Pacific Air Forces, relieved Col. Julie Sposito-Salceies from the Joint Base Pearl Harbor-Hickam, “due to loss of confidence in her ability to command the organization.”

Shortly after Trump took office, Coast Guard Commandant Adm. Linda Fagan, the first uniformed woman to lead any military branch, was removed from her position.

Trump this week also nominated former Space Force Lt. Col. Matthew Lohmeier and former Marine Lt. Col. Stuart Scheller to top Defense Department posts – both men who were deeply critical of the Biden administration’s policies at the Pentagon.

Lohmeier, who had been nominated to serve as undersecretary of the Air Force, was fired as commander of the 11th Space Warning Squadron at Buckley Air Force base, after he wrote a book and appeared on podcasts claiming Marxism had infiltrated the armed forces and criticizing diversity policies.

Trump’s administration has already taken action despite not having a secretary confirmed. (AP Photo/Evan Vucci)

Scheller made headlines for posting videos in uniform criticizing senior military leaders over the Afghanistan withdrawal. Scheller, the new senior advisor to the Department of Defense Under Secretary for personnel and readiness, was sent to the brig and court-martialed over the clips.

Hegseth’s nomination was dealt a last-minute hurdle earlier this week when reports emerged that his ex-sister-in-law alleged he had abused his second wife.

On Tuesday, Fox News obtained an affidavit from Hegseth’s former sister-in-law, Danielle Hegseth, which alleged he had an alcohol abuse problem and at times made his ex-wife, Samantha, fear for her safety. Danielle Hegseth was previously married to Pete Hegseth’s brother and has no relation to Samantha.

KEY SENATE CHAIRMAN CRITICIZES ‘ANONYMOUS SOURCES WITH ULTERIOR MOTIVES,’ STANDS BY HEGSETH NOMINATION

But Danielle Hegseth added that she never witnessed any abuse herself, physical or sexual, by Pete against Samantha.

Samantha Hegseth has also denied any physical abuse in a statement to NBC News.

Senate Armed Services Chair Roger Wicker said in a statement Wednesday night that reports “regarding a confidential briefing on the FBI background investigation of Pete Hegseth that I received last week are starkly and factually inaccurate,” and that he stands by Hegseth’s nomination.

Wicker had remained supportive of Hegseth’s nomination. (Bill Clark/CQ-Roll Call, Inc via Getty Images)

Earlier Thursday, Sen. Minority Leader Chuck Schumer, D-N.Y., urged Republicans to join him in opposing the former Fox News host and Army national guardsman.

HEGSETH LAWYER SLAMS ‘FLAWED AND QUESTIONABLE AFFIDAVIT’ FROM EX-SISTER-IN-LAW

“Hegseth is so utterly unqualified, he ranks up there [as] … one of the very worst nominees that could be put forward,” Schumer said.

Hegseth, who has been married three times, has admitted he was a “serial cheater” before he became a Christian and married his current wife, Jenny.

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The 44-year-old Army National Guard veteran, who did tours in Iraq and Afghanistan, is relatively young and inexperienced, compared to defense secretaries in the past, retiring as a major. But Republicans say they don’t want someone who made it to the top brass who’s become entrenched in the Pentagon establishment.

January 25, 2025
Oklahoma Sen. Mullin confident Hegseth will be confirmed, predicts who Democrats will try to sink next

Oklahoma Sen. Markwayne Mullin expressed confidence that Pete Hegseth will be confirmed as defense secretary, despite opposition from GOP moderates.

Hegseth cleared a procedural hurdle in the Senate on Thursday, setting up a final confirmation vote expected Friday evening. But Republican Sens. Susan Collins, R-Maine, and Lisa Murkowski, R-Alaska, both publicly declared their opposition to his nomination, meaning the GOP can only afford one more defection before Hegseth’s confirmation is lost.

Mullin, in an interview on the “Guy Benson Show” with guest host Jason Rantz, said there are 50 “hard yes” votes for Hegseth to be confirmed and estimated he will receive as many as 52 votes, with all Democrats and the moderate Republicans from Alaska and Maine voting against.

“He’s definitely being confirmed tomorrow,” Mullin told Rantz. “I don’t know what the White House schedule is, but I wouldn’t be surprised if he was sworn into office on Saturday.”

HEGSETH CLEARS SENATE HURDLE AND ADVANCES TO A FINAL CONFIRMATION VOTE

Senator Markwayne Mullin, a Republican from Oklahoma, speaks during a Senate Armed Services Committee confirmation hearing in Washington, D.C., on Tuesday, Jan. 14, 2025. (Al Drago/Bloomberg via Getty Images)

The Senate voted 51-49 to advance Hegseth’s nomination on Thursday, which triggered up to 30 hours of debate before a final vote. President Donald Trump’s embattled defense nominee has faced intense grilling from Democrats on his qualifications for the position, as well as personal questions about his drinking habits and alleged sexual misconduct, which he has vigorously denied. Hegseth has said he would abstain from alcohol if confirmed.

Hegseth’s nomination faced another hurdle this week when reports emerged that his ex-sister-in-law alleged that Hegseth had abused his second wife.

Two sources told CNN Hegseth’s ex-wife, Samantha Hegseth, gave a statement to the FBI about Hegseth’s alleged alcohol use. The outlet said one of the sources said Samantha Hegseth told the FBI, “He drinks more often than he doesn’t.”

On Tuesday, Fox News obtained an affidavit from Hegseth’s former sister-in-law, Danielle Hegseth, which alleges he has an alcohol abuse problem and at times made his ex-wife, Samantha, fear for her safety. Danielle Hegseth was previously married to Pete Hegseth’s brother and has no relation to Samantha.

KEY SENATE CHAIRMAN CRITICIZES ‘ANONYMOUS SOURCES WITH ULTERIOR MOTIVES,’ STANDS BY HEGSETH NOMINATION

Pete Hegseth, President-elect Donald Trump’s choice to be Defense secretary, at the completion of his confirmation hearing before the Senate Armed Services Committee, at the Capitol in Washington, D.C., on Tues., Jan. 14, 2025. (AP Photo/Ben Curtis)

But Danielle Hegseth added that she never witnessed any abuse herself, physical or sexual, by Pete against Samantha.

Samantha Hegseth has also denied any physical abuse in a statement to NBC News.

Senate Minority Leader Chuck Schumer, D-N.Y., slammed Hegseth at a news conference on Thursday and urged Republicans to join Democrats in opposition to the former Fox News host and Army national guardsman.

“Hegseth is so utterly unqualified, he ranks up there [as] … one of the very worst nominees that could be put forward,” Schumer said.

HEGSETH LAWYER SLAMS ‘FLAWED AND QUESTIONABLE AFFIDAVIT’ FROM EX-SISTER-IN-LAW

Sen. Markwayne Mullin, R-Okla., called out Democratic senators’ hypocrisy during the Senate confirmation hearing for U.S. Defense Secretary candidate Pete Hegseth (Screenshot/Fox News Channel)

“People’s lives depend on it — civilians and, of course, the men and women in the armed services — and Pete Hegseth has shown himself not only incapable of running a large organization, he often shows himself incapable of showing up or showing up in a way where he could get anything done. He is so out of the mainstream and so unqualified for DOD that I am hopeful we will get our Republican colleagues to join us.”

Mullin predicted that once Hegseth is confirmed, Democrats will turn their attention to another of Trump’s nominees, Tulsi Gabbard, who is the president’s choice to be director of national intelligence.

“I think they’re going to turn their attention from Pete straight to Tulsi Gabbad,” Mullin said, noting that Gabbard’s confirmation hearing is scheduled for next week. “They went from Matt Gaetz to Pete Hegseth. Now they’re going to go to Tulsi, and then after that I’m sure they’ll probably move on to [health secretary nominee] Bobby Kennedy.”

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The Oklahoma Republican also suggested that Democratic senators who may harbor presidential ambitions stand to gain from making a show of opposition to Trump’s nominees.

“You have all these Democrat senators now that are jumping up and down wanting attention so they can be the champion of the Democrat Party. What they don’t realize is the position they took underneath Biden and when Trump was in office is exactly why they got kicked out of office.”

Fox News Digital’s Morgan Phillips contributed to this report.

Chris Pandolfo is a breaking news reporter for Fox News Digital. Send tips to [email protected] and follow him on Twitter @ChrisCPandolfo.

January 24, 2025
John Ratcliffe confirmed as next CIA director

John Ratcliffe was confirmed to be the next director of the Central Intelligence Agency (CIA) on Thursday, making him the second of President Donald Trump’s cabinet picks to secure their position.

The Senate’s full approval of Ratcliffe came after a 14-3 vote by the Senate Intelligence Committee on Monday evening, which advanced Ratcliffe’s nomination to the Senate floor Thursday. By a vote of 74-25, Ratcliffe was confirmed.

Ratcliffe previously served as Trump’s Director of National Intelligence (DNI) from May 2020 until January 2021, during the president’s first term in office. At the time, Ratcliffe faced scrutiny over whether he was adequately qualified for the role and whether his loyalty to Trump might cloud his judgment. Ratcliffe’s eventual nomination was approved along party lines.

BREAKING DOWN THE SENATE HEARINGS FOR TRUMP’S CABINET NOMINEES

Donald Trump’s nominee for CIA Director, John Ratcliffe, appears for a Senate Intelligence confirmation hearing on Capitol Hill on Jan. 15, 2025 in Washington, DC. Ratcliffe, a former conservative congressman from Texas, served as Director of National Intelligence during Trump’s first term. (Photo by Andrew Harnik/Getty Images)

Prior to Ratcliffe’s role as DNI, he was a member of the House of Representatives since 2015, serving Texas’s 4th Congressional District. During Ratcliffe’s tenure in Congress, he served on the House Permanent Select Committee on Intelligence from 2019 until his move to DNI the following year.

Ratcliffe’s confirmation this time around has garnered support from some Democrats, including from the top Democrat on the Senate’s intel committee, Rep. Mark Warner of Virginia, who voted in favor of Ratcliffe’s confirmation.

MODERATE REPUBLICAN MURKOWSKI WON’T BACK TRUMP PICK HEGSETH FOR DEFENSE SECRETARY

U.S. President-elect Donald Trump’s nominee for CIA Director John Ratcliffe speaks with former Attorney General John Ashcroft (R) as he arrives for a Senate Intelligence confirmation hearing on Capitol Hill on January 15, 2025 in Washington, DC. Ratcliffe, a former conservative congressman from Texas, served as Director of National Intelligence during Trump’s first term. (Photo by Andrew Harnik/Getty Images)

During Ratcliffe’s first confirmation hearing last week, when lawmakers probed him over how he would handle the role as CIA director if confirmed, Ratcliffe said he would eliminate politicization and “wokeness” in the agency’s workforce. Ratcliffe added that he plans on focusing on the agency’s approach to technology, saying that he thinks it has struggled to keep pace with the tech evolution occurring in the private sector.

Ratcliffe will also take a hawkish stance towards China, too, according to people close to Ratcliffe, the Wall Street Journal reported last week.

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Ratcliffe’s confirmation makes him the second of Trump’s nominees to garner congressional approval, after Marco Rubio. The Republican-controlled Senate said it plans to work overtime to get the rest of Trump’s nominees approved quickly, with Senate Majority Leader John Thune insisting in a post on X, formerly Twitter, Tuesday evening, that they would work “nights, weekends, recesses” until the process is complete.

January 23, 2025