Newly confirmed U.S. Treasury Secretary Scott Bessent has made headlines with a whirlwind first month in office marked by controversial policy moves and international tensions. The 79th Treasury chief – confirmed January 27, 2025 by a 68-29 Senate vote – already faces scrutiny over his unorthodox approach to economic statecraft.
Confirmation Drama
Bessent’s path to confirmation nearly turned tragic when authorities arrested an armed man with Molotov cocktails at the Capitol during his final Senate hearing. The incident failed to derail confirmation of America’s first openly gay Treasury secretary, who now ranks fifth in presidential succession – the highest-ever LGBTQ+ official in U.S. history.
Early Policy Shocks
In his first week, Bessent:
• Granted Elon Musk’s government efficiency team access to Treasury payment systems handling $6 trillion annually
• Became acting director of the Consumer Financial Protection Bureau, immediately freezing its operations
• Launched plans for a U.S. Sovereign Wealth Fund with Commerce Department counterparts
Global Economic Confrontation
The secretary clashed with Chinese Vice Premier He Lifeng in their February 21 introductory call, criticizing Beijing’s “economic imbalances and unfair policies.” Bessent emphasized the administration’s commitment to protecting American workers through aggressive trade measures.
In a Bloomberg interview, Bessent outlined plans for:
- 10% baseline tariffs on most imports
- 60% tariffs on Chinese goods
- NATO spending reforms requiring European partners to “provide their share”
He surprised markets by defending cryptocurrency DOGE against “unfair lampooning,” while maintaining traditional strong dollar rhetoric.
Ukraine Peace Push
The Treasury chief supports President Trump’s push to quickly end the Ukraine conflict, recently criticizing President Zelenskyy’s Munich Security Conference remarks as “inappropriate.” This aligns with administration efforts to redirect European allies toward self-funded defense.
