The U.S. Senate voted on Monday to confirm Scott Bessent as secretary of the Treasury. The final vote was 68-29.
Bessent succeeds Janet Yellen, who headed the Treasury starting in January of 2021 under President Biden.
Bessent takes office as the Treasury navigates an approaching statutory debt ceiling. Congress and the president must lift the limits placed on the U.S.' ability to borrow money, or the country risks defaulting on its debt.
President Trump has called for that limit to be abolished.
During confirmation hearings, Bessent said he would work with Trump to raise the debt limit.
“The U.S. is not going to default on its debt if I’m confirmed,” he said.
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Bessent has been an active fundraiser for President Donald Trump in recent years, having hosted events that brought in more than $50 million for the president's campaign.
When he nominated Bessent, then-President-elect Trump said he would be working to reinforce the U.S. Dollar and trim national debt.
"Scott will support my policies that will drive U.S. competitiveness, and stop unfair trade imbalances, work to create an economy that places growth at the forefront, especially through our coming world energy dominance," he wrote.
