The Senate Finance Committee voted to approve President Donald Trump’s pick to lead the Treasury Department, hedge fund manager Scott Bessent. He will now move to a final confirmation vote in the Senate.

The fund manager will face senators at a confirmation hearing on Thursday

The U.S. Senate Finance Committee on Tuesday voted to send the nomination of billionaire hedge fund manager Scott Bessent as President Donald Trump's Treasury secretary on to the full Senate for approval.

Scott Bessent, President-elect Donald Trump's choice to be Secretary of the Treasury, appears before the Senate Finance Committee for his confirmation hearing, at the Capitol on Thursday, Jan. 16, 2025, in Washington.

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

Scott Bessent, Donald Trump's nominee for Treasury Secretary, said during a confirmation hearing Thursday that he is "perplexed" that the Biden administration did not impose more sanctions and tariffs on Russia's economy.

The hedge fund manager and Trump advisor also lent support to the idea of reconsidering deposit insurance limits for some kinds of accounts, such as those used for payrolls.

Treasury Secretary designee Scott Bessent’s nomination advanced past a key Senate committee Tuesday, teeing up his likely confirmation with a full floor vote in the coming days. The Senate Finance Committee,