Senate Finance chair hoping for Bessent confirmation vote next week
2025.01.22 18:31
By Bo Erickson
(Reuters) – Senate Finance Committee Chairman Mike Crapo on Wednesday said he is hoping a full Senate confirmation vote for U.S. President Donald Trump’s pick as Treasury secretary, Scott Bessent, could occur next week.
Bessent cleared Crapo’s committee by a 16-11 vote on Tuesday, including backing from two Democrats. But Crapo told Reuters Democrats were employing “a lot of delay tactics.”
Democrats – in the minority party – are able to slow-walk some confirmation votes through procedural maneuvers, and Senate Majority Leader John Thune said this could end up with Senate confirmation votes occurring over the weekend.
In the meantime, some Democrats are raising flags about Bessent using a tax loophole to reduce the Medicare taxes paid by his hedge fund by $910,000 over three years, which has been disputed by the Internal Revenue Service.
Bessent at his Jan. 16 confirmation hearing said that he would set aside funds to pay any taxes owed once the case is decided. He has pledged to shutter the fund, Key Square, to avoid conflicts of interest if his nomination is confirmed.
But Senator Elizabeth Warren, a Democrat, on Wednesday said Bessent “refuses to submit his own taxes for an audit and agree to pay what he owes. That’s a real problem for someone who would be in charge of the IRS.”
Confirmation hearings for other top economic posts, including Trump’s pick for Commerce Secretary, Howard Lutnick, and United States Trade Representative, Jamieson Greer, have yet to be scheduled by the Senate Commerce committee.
