Scott Bessent has been confirmed as Treasury Secretary, receiving bipartisan support with a Senate vote of 68-29, including backing from 16 Democrats.

In his new role, Bessent is expected to advance President Trump's economic agenda, focusing on extending the Tax Cuts and Jobs Act and implementing tariffs on imports from China, Canada, and Mexico.

He has highlighted the urgency of renewing $4 trillion in tax cuts set to expire at the end of 2025, warning that failing to do so would be a 'calamity' for middle-class Americans.

During his confirmation hearings, Bessent criticized the Biden administration's domestic discretionary spending, which he claimed has increased by 40%, and labeled overall government spending as 'out of control'.

Although Bessent lacks government experience, he argues that his extensive private sector career has equipped him with a deep understanding of the economy and markets.

His appointment has instilled confidence in the U.S. stock and crypto markets, which had recently faced downturns, particularly influenced by DeepSeek.

Bessent is known for his pro-cryptocurrency stance and has opposed the establishment of a central bank digital currency (CBDC), arguing it is unnecessary for the U.S.

In response to concerns raised during his hearings, Bessent emphasized the transformative potential of cryptocurrency, asserting it represents freedom and control over personal finances.

He supports tougher sanctions on the Russian oil sector in relation to the Ukraine conflict and advocates for import tariffs, claiming they would not raise consumer prices in the U.S.

The current U.S. economy is stable, characterized by strong growth and a low unemployment rate of 4.1%, although inflation remains above the Federal Reserve's target.

Senator Lindsey Graham praised Bessent's confirmation as a significant achievement for both South Carolina and the nation, highlighting his qualifications and bipartisan support.

Despite his previous ties to Democratic financier George Soros, Bessent has become a strong supporter of Trump, reflecting a significant shift in his political alignment.