US Senate confirmed Monday Scott Bessent (Scott Bessed) As President Donald Trump’s finance minister, giving billionaire Hedge fund administrator a central role in shaping the new government’s political ambitions on tax cuts and expenses and management of financial relations with allies and opponents.

As the 79th Minister of Finance, Bessent will manage country tax receipts and debt market of $ 28 trillionwith a huge influence on fiscal policy, economic regulations, international sanctions and investment from abroad.

The votes were 68-29, with 16 Democrats supporting the nomination.

Bessent, 62, is already being formed as a powerful supporter of Trump’s financial agenda, which focuses in reducing taxes and imposing duties that democrats and some economists argue that they could undo some of the progress made by the federal bank in dealing with inflation.

In the confirmation hearing, Bessent warned that failure to renew 4 trillion dollars ending at the end of this year would be “destruction” for middle -class Americans and argued that The duties would help fight unfair commercial practices, increase revenue, and strengthen the US in international negotiations.

He also opposed the idea that Trump’s policies would be inflationary and said that The government’s efforts to increase oil production would actually help reduce prices.

As a leading Trump financial official, Bessent will face a series of challenges, the most immediate of which will be the management of federal cash flows after the government reached its legal debt threshold, Trump’s second term. Even before she was sworn, the Ministry of Finance used ‘Extraordinary Measures’ to avoid breach of the ceiling and triggering a catastrophic bankruptcy.

Bessent should also address the prospect of increasing fiscal deficits and additional public debt that is estimated to amount to trillions . If this is the case, there will be a central factor that will work with Congress for the size and shape of any tax reforms.

‘Out of control’

The concerns about Increase in budget deficits and inflation In recent weeks they have led to the increase in the average interest rate of mortgage loans to more than 7%, an important point of particular importance to Americans who want to buy a home.

As Reuters reports, Bessent used to hear confirmation to speak hard about deficits, declaring that state spending is ‘out of control’though it is not clear what he could do to limit them. Medicare Insurance Program for the elderly, among the largest funds in the federal budget, along with interest expenses, determined by market interest rates not controlled by the Ministry of Finance.

Born and raised in South Carolina, Bessent says he is still listening to rural radio. He received a degree in Political Science from Yale University and spent his career in Economics, working for investors George Soros and Jim Tsanos and directing his own company Key Square.