Senate Finance Committee probes Trump Treasury nominee

President-elect Donald Trump’s U.S. Treasury Secretary nominee Scott Bessent on Thursday appeared before the Senate Finance Committee. Trump praised Bessent as one of the world’s foremost international investors and economic strategists and claimed he would help grow the U.S. economy, eliminate trade imbalances, and increase U.S. competitiveness.

Committee Chairman Sen. Mike Crapo, R-Idaho, said Bessent’s background, experience, and character showed he was an ideal pick for one of the Trump administration's top financial posts. Conversely, Ranking Member Sen. Ron Wyden, D-Ore., warned that Trump’s policies would only benefit the wealthiest Americans and not the rest of the U.S. population.

What did Bessent have to say for himself? Bessent told the committee it was an honor and a privilege to be considered for the post of Treasury Secretary. Bessent is openly gay. He was legally married to John Freeman in 2011, and has two children via surrogacy, according to a 2015 interview with Yale Alumni Magazine. Bessent thanked Freeman and the children in his opening remarks. Trump had the chance to unleash a new economic golden age for the United States, Bessent said. He added that he concurred with Trump’s goals to protect U.S. supply chains and domestic markets and change the country’s international trade policies.

What questions did the committee have for Bessent?

• Tariffs: Sen. Wyden grilled Bessent on whether American workers would be the ones paying any price increases that Wyden said would result from Trump’s proposed tariffs on Mexico, China, and Canada. Bessent said tariff theory and the history of tariff use indicated that the sort of tariffs Trump proposed would put the cost burden on foreign manufacturers, not American workers.

• Taxes: Sen. Chuck Grassley, R-Iowa, probed Bessent on why heavier taxes on the rich historically haven’t helped the federal government reduce the U.S. national debt. Bessent explained that the federal government does not have a revenue problem; it has a spending problem. Grassley also asked Bessent whether he would support measures to close tax loopholes and crack down on Americans cheating on their tax forms. Bessent affirmed that he supported such measures.

• Trade: Sen. John Cornyn, R-Texas, asked whether Bessent would support requiring American companies investing in China to provide the U.S. Treasury Department with transparent reports about their relationship with the Chinese government. Bessent said the United States needed to prevent its companies from engaging in relationships with the Chinese government that would strengthen Beijing’s military.

Dig deeper: Read Leo Briceno’s report about how Congress needs to deal with the debt ceiling before it can start implementing Trump’s policy agenda.