Scott Bessent wins Senate confirmation as US Treasury secretary

FILE PHOTO: Scott Bessent, U.S. President-elect Donald Trump's nominee to be secretary of treasury, looks on next to his husband John Freeman and son Cole, on the day he testifies during a Senate Committee on Finance confirmation hearing on Capitol Hill in Washington, U.S., January 16, 2025. REUTERS/Kevin Lamarque/File photo

(Reuters) - The U.S. Senate on Monday confirmed Scott Bessent to be President Donald Trump's Treasury secretary, giving the billionaire hedge fund manager a central role in shaping the new administration's policy ambitions around tax cuts and spending and managing economic relationships with allies and adversaries alike.

As the 79th Treasury secretary, Bessent will have sway over the nation's tax collections and its $28 trillion Treasury debt market, with vast influence over fiscal policy, financial regulations, international sanctions and investments from overseas.