Scott Bessent, President-elect Donald Trump's choice to be Secretary of the Treasury, appears before the Senate Finance Committee for his confirmation hearing, at the Capitol on Thursday, Jan. 16, 2025, in Washington.

Hedge fund executive Scott Bessent will face a Senate confirmation hearing for Treasury secretary on Thursday, which could make him the first openly gay Cabinet member of a Republican administration.

Scott Bessent, Donald Trump's nominee for Treasury Secretary, said during a confirmation hearing Thursday that he is "perplexed" that the Biden administration did not impose more sanctions and tariffs on Russia's economy.

Here's what to know about the Treasury secretary pick Bessent, who heads into his confirmation hearing and may become the first Senate-approved LGBTQ+ member in a Republican cabinet.

Follow along with MarketWatch's live coverage of the Senate confirmation hearing for Scott Bessent, President-elect Donald Trump's nominee for Treasury secretary.

President-elect Donald Trump's pick for Treasury Secretary, Scott Bessent, said he "100%" supports raising sanctions on Russian oil producers if the future president requests doing so.

Scott Bessent, U.S. President-elect Donald Trump's choice to head the Treasury Department, on Thursday said that extending Trump's 2017 tax cuts that are set to expire at the end of this year is "the single most important economic issue of the day.

The actual value of his assets is likely much higher, as several of his top holdings were listed simply as “over $50,000,000.”