January 31, 2025

Scott Bessent wins Senate confirmation as Treasury secretary – CNBC

Credit CardsLoansBankingMortgagesInsuranceCredit MonitoringPersonal FinanceSmall BusinessTaxesHelp for Low Credit ScoresInvestingSELECTAll Credit CardsFind the Credit Card for YouBest Credit CardsBest Rewards Credit CardsBest Travel Credit CardsBest 0% APR Credit CardsBest Balance Transfer Credit CardsBest Cash Back Credit CardsBest Credit Card Welcome BonusesBest Credit Cards to Build CreditSELECTAll LoansFind the Best Personal Loan for YouBest Personal LoansBest Debt Consolidation LoansBest Loans to Refinance Credit Card DebtBest Loans with Fast FundingBest Small Personal LoansBest Large Personal LoansBest Personal Loans to Apply OnlineBest Student Loan RefinanceSELECTAll BankingFind the Savings Account for YouBest High Yield Savings AccountsBest Big Bank Savings AccountsBest Big Bank Checking AccountsBest No Fee Checking AccountsNo Overdraft Fee Checking AccountsBest Checking Account BonusesBest Money Market AccountsBest CDsBest Credit UnionsSELECTAll MortgagesBest MortgagesBest Mortgages for Small Down PaymentBest Mortgages for No Down PaymentBest Mortgages with No Origination FeeBest Mortgages for Average Credit ScoreAdjustable Rate MortgagesAffording a MortgageSELECTAll InsuranceBest Life InsuranceBest Homeowners InsuranceBest Renters InsuranceBest Car InsuranceTravel InsuranceSELECTAll Credit MonitoringBest Credit Monitoring ServicesBest Identity Theft ProtectionHow to Boost Your Credit ScoreCredit Repair ServicesSELECTAll Personal FinanceBest Budgeting AppsBest Expense Tracker AppsBest Money Transfer AppsBest Resale Apps and SitesBuy Now Pay Later (BNPL) AppsBest Debt ReliefSELECTAll Small BusinessBest Small Business Savings AccountsBest Small Business Checking AccountsBest Credit Cards for Small BusinessBest Small Business LoansBest Tax Software for Small BusinessSELECTAll TaxesFiling For FreeBest Tax SoftwareBest Tax Software for Small BusinessesTax RefundsTax BracketsTax TipsTax By StateTax Payment PlansSELECTAll Help for Low Credit ScoresBest Credit Cards for Bad CreditBest Personal Loans for Bad CreditBest Debt Consolidation Loans for Bad CreditPersonal Loans if You Don’t Have CreditBest Credit Cards for Building CreditPersonal Loans for 580 Credit Score or LowerPersonal Loans for 670 Credit Score or LowerBest Mortgages for Bad CreditBest Hardship LoansHow to Boost Your Credit ScoreSELECTAll InvestingBest IRA AccountsBest Roth IRA AccountsBest Investing AppsBest Free Stock Trading PlatformsBest Robo-AdvisorsIndex FundsMutual FundsETFsBondsThe U.S. Senate voted on Monday to confirm Scott Bessent as Treasury secretary in President Donald Trump’s administration.The Senate voted 68-29 to confirm the Wall Street veteran, with 16 Democrats joining all Republicans to choose Bessent for the post. He will be the 79th Treasury secretary. Bessent, the founder of Key Square Group, will play a key role helping Trump enact his economic agenda, including having insight on tax policy. He is being confirmed as the U.S. government grapples with its debt and deficit. The federal government has spent roughly $711 billion more than it has collected in the 2025 fiscal year, according to the Treasury’s fiscal data website. Meanwhile, the national debt has ballooned to more than $36.2 trillion.The incoming Treasury secretary has supported gradual tariffs, which will be back in the spotlight as President Trump threatens levies on products from China, Canada and Mexico. On Sunday, Trump said in a social media post that he would impose a 25% tariff on goods coming into the U.S. from Colombia.Another focal point for Bessent will be the Tax Cuts and Jobs Act — the tax overhaul that went into effect in 2018. A slate of provisions in the tax code will be expiring at the end of 2025, and Congress would be required to act in order to extend those breaks. When Bessent spoke before the Senate Finance Committee earlier this month, he reiterated his support for extending the TCJA and declined to say that he would be willing to raise taxes on the nation’s highest earners.Got a confidential news tip? We want to hear from you.Sign up for free newsletters and get more CNBC delivered to your inboxGet this delivered to your inbox, and more info about our products and services.© 2025 CNBC LLC. All Rights Reserved. A Division of NBCUniversal
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Source: https://www.cnbc.com/2025/01/27/scott-bessent-wins-senate-confirmation-as-treasury-secretary.html

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