U.S. Treasury nominee Scott Bessent on Thursday faced sharp questions from both Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the future of an IRS tax filing system that Republicans have called to be cut.

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.

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.

More than any other nominee, Bessent’s responsibilities are at the heart of Trump’s economic agenda, and he can expect probing questions from the committee’s members, all of whom are well-versed on financial matters and have strong opinions on trade, taxes, debt, sanctions and other areas under Treasury’s remit. The panel also includes some of the most senior members of both parties, including Senator John Thune, who was recently elected Senate Majority Leader. Thune will be a key player in shepherding Trump’s agenda through Congress, where the president can afford to lose the votes of only three of his party’s 53 senators in the chamber.

President-elect Donald Trump's pick for Treasury secretary, Scott Bessent, said on Thursday that the dollar should remain the world's reserve currency, the Federal Reserve should stay independent, and that he is ready to impose tougher sanctions on Russia's oil sector.