Here's what to know about the Treasury secretary pick Bessent, who heads into his confirmation hearing and may become the first Senate-approved LGBTQ+ member in a Republican cabinet.

The hedge fund manager and Trump advisor also lent support to the idea of reconsidering deposit insurance limits for some kinds of accounts, such as those used for payrolls.

Scott Bessent, Donald Trump's nominee for Treasury Secretary, said during a confirmation hearing Thursday that he is "perplexed" that the Biden administration did not impose more sanctions and tariffs on Russia's economy.

The stakes have never been higher, but with Bessent at the helm of the Trump economic team, a brighter future is within reach.

Their exchange on the minimum wage shows two views of the world.

Nominee for U.S. Treasury secretary, Scott Bessent, is expected to declare during his confirmation that Trump will usher in "a new economic golden age."

Scott Bessent, tapped by Donald Trump to be treasury secretary, faced sharp questions from Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the IRS.

The fund manager will face senators at a confirmation hearing on Thursday

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 pick to head the Treasury Department, will testify before the Senate Finance Committee on Thursday morning. During the confirmation hearing, Bessent is expected to paint the Trump administration as an opportunity for an “economic golden age,

Donald Trump's nominee for Treasury Secretary Scott Bessent told Sen. Ron Wyden why it is goofy to claim the U.S. is in an "arms race with China for clean energy." SCOTT BESSENT: Senator Wyden, just to frame this for everyone in the room,