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US: Senate Hearing For Trump's Treasury Sec Nominee Bessent Teed Up For Jan 16

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The Senate Finance Committee is expected to hold a confirmation hearing for President-elect Donald Trump’s Treasury Secretary nominee, Scott Bessent, on January 16. The hearing will be followed by an executive session where lawmakers may discharge Bessent's nomination for full Senate confirmation. 

  • Betting markets see few obstacles to Bessent’s path to Trump’s Cabinet, with Polymarket showing an implied probability of 95% that Bessent passes Senate confirmation.
  • Although Bessent has some bipartisan support, he has been criticised by senior Finance Democrats for prioritising tax breaks for the wealthy and for floating the idea of a ‘shadow Fed chair’.
  • Senate Finance Committee ranking Democrat, Ron Wyden (D-OR), said in November: “Donald Trump pretends to be an economic populist, but it wouldn’t be a Trump Treasury Department without a rich political donor running the show… The proof is in the fact that the first legislative priority for Trump and Republicans is passing another round of tax breaks for the top while raising taxes on [everyday items].
  • “The next Treasury Secretary is going to have his hands all over that process, and I’m going to have a lot of questions for Mr. Bessent about the merit of a Trump policy that will intentionally inflict economic pain on families who are already getting clobbered by the cost of living.”
  • Banking Committee Ranking Democrat, Elizabeth Warren (D-MA) said in November: “It would be a serious error for the Trump administration to interfere with the Fed’s independence, as Mr. Bessent has suggested,”
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The Senate Finance Committee is expected to hold a confirmation hearing for President-elect Donald Trump’s Treasury Secretary nominee, Scott Bessent, on January 16. The hearing will be followed by an executive session where lawmakers may discharge Bessent's nomination for full Senate confirmation. 

  • Betting markets see few obstacles to Bessent’s path to Trump’s Cabinet, with Polymarket showing an implied probability of 95% that Bessent passes Senate confirmation.
  • Although Bessent has some bipartisan support, he has been criticised by senior Finance Democrats for prioritising tax breaks for the wealthy and for floating the idea of a ‘shadow Fed chair’.
  • Senate Finance Committee ranking Democrat, Ron Wyden (D-OR), said in November: “Donald Trump pretends to be an economic populist, but it wouldn’t be a Trump Treasury Department without a rich political donor running the show… The proof is in the fact that the first legislative priority for Trump and Republicans is passing another round of tax breaks for the top while raising taxes on [everyday items].
  • “The next Treasury Secretary is going to have his hands all over that process, and I’m going to have a lot of questions for Mr. Bessent about the merit of a Trump policy that will intentionally inflict economic pain on families who are already getting clobbered by the cost of living.”
  • Banking Committee Ranking Democrat, Elizabeth Warren (D-MA) said in November: “It would be a serious error for the Trump administration to interfere with the Fed’s independence, as Mr. Bessent has suggested,”