The U.S. Senate has confirmed Scott Bessent to head the Treasury Department

The U.S. Senate on Monday, January 27, officially confirmed billionaire Scott Bessent as head of the Treasury Department. The broadcast was carried by C-SPAN TV channel.

It is specified that 68 votes were cast in favor of Bessent's confirmation to the post, while 29 electors voted against him.

"He will bring a wealth of experience in the private economy and markets to his new position," Senate Republican Leader John Thune said.

He added that Bessent also exemplifies the "American dream" for the country's citizens.

Trump proposed investor Scott Bessent as the new Treasury Secretary on November 22, 2024. He specified that Bessent can help in establishing a "golden age of the United States" and strengthen the state's economy. Trump added that the investor is a supporter of his policies, which aim to increase competitiveness within the US and eliminate the "unfair balance of trade".

Bessent later announced on Jan. 11 that he planned to sell his assets to take the position. He said that to avoid conflicts of interest, he would close his investment firm Key Square Capital Management, resign from the family foundation and Rockefeller University, sell a number of investments including a bitcoin fund and a stake in a publishing house, and repay a margin loan of more than $50 million dollars.