Scott Bessent is sworn in as 79th US treasury secretary

Scott Bessent was sworn in as Treasury Secretary on Tuesday, taking the helm of one of the government agencies most critical to President Donald Trump’s sweeping economic agenda.

Bessent, 62, was sworn in by US Supreme Court Justice Brett Kavanaugh after winning Senate confirmation Monday by a 68-29 vote, with roughly a third of the Democratic caucus joining Republicans in backing him. His first working day included meetings with senior Treasury officials, the department said in a statement.

The former hedge fund manager faces important challenges from the get-go. The federal debt limit kicked back in at the start of January, forcing the Treasury to deploy special accounting maneuvers to avoid breaching it. And on 5 February,  the department is due to update its plans for the issuance of Treasuries at a time of historically wide budget deficits. That’s all against a backdrop of higher bond yields.

Bessent is also expected to be a key advocate for the Trump administration’s much-anticipated tax cut package. In doing so, he’s likely to spend much time conferring with lawmakers in Congress who’ll ultimately decide on the legislation.

Next month, Bessent will likely participate in his first formal international engagement, at a meeting of Group of Twenty finance ministers  in South Africa due in late February. That could be his first opportunity to meet with counterparts from the world’s largest economies — that is, unless he plans a trip abroad before then.

During his four-decade investing career, Bessent went to 60 countries and met with international leaders and central bankers, the Treasury said. “He is regarded as a currency and fixed income specialist.”

Bessent becomes the first openly gay Treasury secretary. He said during his confirmation hearing that this was his third attempt at public service, after his sexual orientation precluded him from attending the US Naval Academy and from joining the Foreign Service.

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