Scott Bessent Officially Sworn In as Secretary of the Treasury by Senate – One America News Network
OAN Staff Abril Elfi
6:00 PM – Monday, January 27, 2025
The U.S. Senate has officially confirmed Scott Bessent as the new Secretary of the Treasury.
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On Monday, Bessent was confirmed by a vote of 68-29, with all Republicans and 16 Democrats supporting his nomination.
Bessent will serve as the 79th Secretary of the Treasury and is expected to play a crucial role in advancing President Trump’s economic agenda, particularly in tax policy formulation.
As per the Treasury’s fiscal data, the federal deficit for the 2025 fiscal year stands at approximately $711 billion, while the national debt has escalated to over $36.2 trillion.
Bessent supports the idea of implementing gradual tariffs, a topic likely to resurface as President Trump considers new trade levies.
On Sunday, Trump indicated plans to enforce a 25% tariff on imports from Colombia, with similar actions against China, Canada, and Mexico also being discussed. However, the tariff plan for Colombia was subsequently postponed after the Colombian president agreed to accept the “unrestricted acceptance of deported migrants,” as per the White House’s announcement. The Colombian president had initially resisted accepting U.S. military flights carrying deportees before Trump’s tariff threat prompted a change.
Another significant matter on Bessent’s agenda is the Tax Cuts and Jobs Act (TCJA) of 2018.
Several provisions within the TCJA are scheduled to expire at the close of 2025, necessitating action from Congress to extend them. During his recent testimony before the Senate Finance Committee, Bessent reaffirmed his intention to advocate for the extension of the TCJA.
“The U.S. will not default on its debt if I am confirmed,” he asserted.
When nominating Bessent, Trump conveyed that Bessent would focus on strengthening the U.S. dollar and reducing national debt.
“Scott will champion my strategies to enhance U.S. competitiveness and rectify unfair trade disparities, while creating an economy focused on growth, particularly as we move toward global energy dominance,” he stated.
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