Bessent said he believed Trump's presidency would help "unleash a new economic golden age," which could include more jobs and wealth for Americans.

Trump's promised tax cuts, and their potential consequences for the U.S. economy, took center stage at Bessent's confirmation hearing.

Scott Bessent, a South Carolina billionaire hedge fund manager, wasted no time getting to the crux of his confirmation hearing: the expiring Trump tax cuts. “This is the single most important economic issue of the day,” Bessent told the committee.