WASHINGTON (Reuters) -The U.S. Senate Finance Committee is planning a Jan. 16 hearing on President-elect Donald Trump’s nominee to lead the U.S. Treasury Department, Scott Bessent, Politico reported on Thursday, citing three unnamed sources familiar with the panel’s plans. Amanda Critchfield, a spokesperson for the Finance Committee’s new Republican chair, Senator Mike Crapo, said a […]
Politics
US Senate planning Jan. 16 hearing for Trump Treasury pick Bessent, Politico reports
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WASHINGTON (Reuters) -The U.S. Senate Finance Committee is planning a Jan. 16 hearing on President-elect Donald Trump’s nominee to lead the U.S. Treasury Department, Scott Bessent, Politico reported on Thursday, citing three unnamed sources familiar with the panel’s plans.
Amanda Critchfield, a spokesperson for the Finance Committee’s new Republican chair, Senator Mike Crapo, said a hearing date has not been officially set, adding: “Senator Crapo is committed to moving Bessent’s nomination as quickly as possible.”
Trump chose hedge fund investor Bessent as his Treasury secretary in November after a dramatic battle among prominent financiers for the coveted position that wields vast influence over U.S. economic, tax, regulatory and international affairs.
Bessent faces a number of challenges, including rising bond yields that will make it more difficult to manage a $36 trillion federal debt load that is forecast to grow by nearly $8 trillion over a decade if Trump’s tax cut plans are implemented without offsetting savings.
The founder of Key Square Capital Management also will need to maintain financial stability as Trump imposes steep tariffs on U.S. imports that threaten to disrupt supply chains and trade relations with allies and adversaries alike. But Bessent has argued that Trump’s agenda will unleash stronger economic growth and revenue, shoring up market confidence.
(Reporting by Jasper Ward and David Lawder; writing by David Lawder and Susan Heavey; Editing by Chizu Nomiyama)