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.

Scott Bessent, President-elect Trump's pick for treasury secretary, will appear for a Senate Finance Committee confirmation hearing on Thursday, where he will discuss the incoming president's economic vision.

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's wise comments on tariffs, taxes, spending, and debt calmed investors and sent markets soaring.

Mr. Bessent called the extension of the 2017 Trump tax cuts ‘the single most important economic issue of the day.’

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.

Ronald Reagan had his “ Miss Rosy Scenario ” and “ magic asterisks ” to make his deficit numbers seem better than they actually were. Every Republican president since has used (and abused) a famous napkin sketch to pretend that tax cuts always pay for themselves.

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.

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

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.