By a vote of 68-29, the U.S. Senate confirmed Scott Bessent as the next secretary of the Treasury. He replaces Janet Yellen, who was appointed to the position on Jan. 26, 2021.

Prior to the vote, Senators Elizabeth Warren, D-Mass. and Ron Wyden, D-Ore., spoke in opposition to confirmation, alleging that Bessent was not qualified for the position because he owes Medicare taxes. Republican senator Mike Crapo of Idaho disputed the allegations saying the Senate’s finance committee had done a thorough investigation of Bessent’s finances and the allegations were without merit.

At a recent gathering commemorating her public service, Secretary Yellen cited achievements of her term. “Over the past four years, I am proud that we tackled an array of hard issues head-on,” she said. “We drove an historic economic recovery from the pandemic, one distinguished not only by its speed, but also by its inclusiveness. We ensured that investments in manufacturing and clean energy reached people and places that had long been overlooked. We strengthened the resilience of the U.S. financial system while navigating a regional bank crisis, two debt limit impasses, and a downgrade of U.S. sovereign debt.”

Bessent was the founder of Key Square Capital Management and served as an advisor during Donald Trump’s successful campaign for the presidency. Bessent is a graduate of Yale University and is a supporter of President Trump’s idea of implementing tariffs, which will influence economic policy moving forward.

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