Hedge fund executive Scott Bessent will face a Senate confirmation hearing for Treasury secretary on Thursday, which could make him the first openly gay Cabinet member of a Republican administration.

Scott Bessent defended tariffs and argued for tax-cut extensions during his confirmation hearing as President-elect Donald Trump’s pick for Treasury secretary in the Senate Finance Committee. No Democrats committed to support him on Thursday,

Trump's promised tax cuts, and their potential consequences for the U.S. economy, took center stage at Bessent's confirmation hearing.