Senate Finance Committee Holds Confirmation Hearing for Treasury Nominee Bessent

On January 16, the Senate Finance Committee held a hearing to receive testimony from President Donald J. Trump’s nominee for Secretary of Treasury, Scott Bessent. During the hearing, Bessent voiced his support for tariffs, noting that they were a versatile tool that could be used to remedy unfair trade practices, raise revenues, and provide leverage in trade negotiations. He also voiced his support for an extension of the Tax Cuts and Jobs Act of 2017 (TCJA) provisions, particularly individual tax rates. Additional tax proposal discussions centered around Trump’s no-tax on tips, no-tax on social security benefits, and making auto-loan interest tax deductible.

Bessent also noted that the U.S. should consider stronger sanctions against Russia. When asked whether the U.S. should establish a sovereign wealth fund or something similar, Bessent stated “this is something that I think could be very exciting because we always look at the debt of the United States and we have fantastic assets that could be leveraged or used for multiple revenue generating opportunities.” When asked about the deficit, Bessent noted that Trump has said Social Security and Medicare would not be involved in a deficit reduction plan.

Click here to watch an archived video of the hearing.