Scott Bessent: A New Era in US Treasury

The US Senate confirmed Scott Bessent as treasury secretary under President Trump. Bessent, the first openly gay person in this role, faces challenges like tax cuts, deficit reduction, and tariff plans. His confirmation saw bipartisan support, albeit facing scrutiny over unpaid Medicare taxes.

In a landmark confirmation, the US Senate approved billionaire investor Scott Bessent for the position of treasury secretary under President Donald Trump's administration. Bessent assumes the role amidst challenges such as deficit trimming and tax cuts, tasks that require delicate negotiation.

Notably, Bessent is the first openly gay individual to occupy this office, signaling a significant stride in representation within government ranks. His confirmation, however, was met with some criticism, especially from Democratic senators who questioned his unpaid Medicare taxes.

Bessent, a supporter of President Trump's economic policies, expressed concern over the impending expiration of the Tax Cuts and Jobs Act provisions. Despite facing legal battles over tax liabilities, Bessent has vowed to honor court rulings. His agenda also includes advocating for increased domestic oil production and maintaining the independence of the Federal Reserve.

(With inputs from agencies.)