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 who were familiar with the panel’s plans.
Amanda Critchfield, spokesperson for the new Republican chairman of the Finance Committee, Senator Mike Crapo, said no date has been officially set for the hearing, adding: “Senator Crapo is committed to addressing 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 enormous influence over the U.S. economy, taxes, regulations and international affairs.
Trusted news and daily treats, straight to your inbox
See for yourself: The Yodel is the source for daily news, entertainment and feel-good stories.
Bessent faces a number of challenges, including rising bond yields that will make it harder to manage the $36 trillion federal debt burden, which is expected to grow by nearly $8 trillion over a decade if Trump’s tax cut plans are implemented without offsetting the cuts .
The founder of Key Square Capital Management will also have to maintain financial stability as Trump imposes high tariffs on U.S. imports that threaten to disrupt supply chains and trade ties with both allies and adversaries. But Bessent has argued that Trump’s agenda will unleash stronger economic growth and revenues, boosting market confidence.
(Reporting by Jasper Ward and David Lawder; Writing by David Lawder and Susan Heavey; Editing by Chizu Nomiyama)
