The Senate on Monday voted 68-29 to confirm Scott Bessent as secretary of the Department of the Treasury.
Reuters reported that Bessent will play a key role in shaping the Trump administration’s policies concerning spending and tax cuts and managing international economic relations.
The billionaire hedge fund manager is expected to face numerous challenges as the president’s top economic official, including managing federal cash flows under the debt ceiling.
Scott Bessent’s Career History
Bessent founded and served as chief executive of investment firm Key Square Capital Management.
He also served as chief investment officer at Soros Fund Management.
The Yale University graduate previously worked at several firms, including Brown Brothers Harriman, Kynikos Associates and Protege Partners.
The 79th Treasury secretary spent four years at Yale University as an adjunct professor of economic history.
Bessent has been a frequent speaker on investment and economic panels and is a well-known investor in the macro space for more than 20 years.