Scott Bessent defended tariffs and argued for tax-cut extensions during his confirmation hearing as President-elect Donald Trump’s pick for Treasury secretary in the Senate Finance Committee.No Democrats committed to support him on Thursday,

Hedge fund executive Scott Bessent will face a Senate confirmation hearing for Treasury secretary on Thursday, which could make him the first openly gay Cabinet member of a Republican administration.

Scott Bessent, a South Carolina billionaire hedge fund manager, wasted no time getting to the crux of his confirmation hearing: the expiring Trump tax cuts. “This is the single most important economic issue of the day,” Bessent told the committee.

Trump's promised tax cuts, and their potential consequences for the U.S. economy, took center stage at Bessent's confirmation hearing.

Scott Bessent, President-elect Trump's pick for treasury secretary, will appear for a Senate Finance Committee confirmation hearing on Thursday, where he will discuss the incoming president's economic vision.

The actual value of his assets is likely much higher, as several of his top holdings were listed simply as “over $50,000,000.”