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.

President-elect Donald Trump’s pick to run the Treasury Department does not expect the incoming president’s proposed tariffs to drive up inflation and says he is looking forward to helping extend the Trump tax cuts.

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