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Business & Economy
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Business & Economy
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Trump’s Treasury nominee takes center stage
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Scott Bessent, President-elect Trump’s pick to lead the Treasury Department, appeared before the Senate Finance Committee Thursday for a confirmation hearing.
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Sen. Lindsey Graham (R-S.C.) introduced Bessent, a fellow South Carolinian, to the committee.
“Scott Bessent’s from South Carolina. He’s academically gifted and real-world tested. He went to Yale, so nobody’s perfect,” Graham said, calling his nomination a “home run.”
In his opening statement, Bessent called on senators to extend Trump’s 2017 tax cuts, calling this a “pass-fail” moment.
Several provisions are set to expire in 2026, putting pressure on lawmakers to pass a new bill before the end of the year. Trump also made several promises on the campaign trail, such as eliminating taxes on tips, that lawmakers are expected to incorporate.
“We must make permanent the 2017 Tax Cuts and Jobs Act and implement new pro-growth policies to reduce the tax burden on American manufacturers, service workers and seniors,” Bessent said.
Democratic senators grilled the nominee on IRS direct file, taxes on wages versus wealth, raising the federal minimum wage and allegations that he avoided paying hundreds of thousands of dollars in taxes by classifying himself as a limited partner of Key Square Group.
Read more about today’s hearing on TheHill.com.
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Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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The latest moves in some of Washington’s biggest lobbying battles:
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- Five former lobbyists are poised to join Trump’s Cabinet. The Hill’s Taylor Giorno has more here.
- Three former lawmakers have joined lobbying firms since leaving Congress earlier this month.
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Key business and economic news with implications this week and beyond:
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Canada must send a “message” to President-elect Trump on tariffs, one of the country’s provincial leaders said Wednesday alongside Prime Minister Justin Trudeau, who described the threatened levies as unnecessary.
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American Express has agreed to pay $230 million to settle a federal probe into deceptive marketing practices and civil fraud allegations, the Department of Justice (DOJ) announced Thursday.
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Scott Bessent, President-elect Trump’s Treasury secretary nominee, said Thursday that he would not support raising the minimum wage.
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Upcoming news themes and events we’re watching:
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- President-elect Trump is set to be sworn in Monday at noon ET.
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Branch out with more stories from the day:
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NEW YORK (AP) — American Express has agreed to pay more than $138 million to resolve a wire fraud …
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Business and economic news we’ve flagged from other outlets:
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- These five Republicans are ready to derail Trump’s tax cuts over the SALT cap (CNBC)
- With 72 hours to go, TikTok ban sends Washington scrambling (Politico)
- Inside the RFK Jr.-Alex Jones Bromance (Mother Jones)
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Top stories on The Hill right now:
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Pam Bondi, President-elect Trump’s pick to lead the Department of Justice (DOJ), has a history of “undermining” voting rights, according to a report opposing Bondi from the NAACP’s Legal Defense Fund. Read more
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Sen. John Fetterman’s (D-Pa.) open-minded approach to President-elect Trump is fueling questions about his motives and vexing some of his fellow Democrats. Read more
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You’re all caught up. See you tomorrow!
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