Trump's Treasury pick to meet Thune, key senators on confirmation

Akayla Gardner and Steven T. Dennis, Bloomberg News on Dec 3, 2024

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WASHINGTON — Treasury secretary nominee Scott Bessent plans to meet this week with incoming Senate Republican leader John Thune and other key senators as he begins preparing for confirmation hearings.

The veteran hedge fund manager hasn’t aroused public opposition from GOP senators even as some of Donald Trump’s other picks have stirred controversy. Still, some of Bessent’s stances such as his proposal to have a shadow Federal Reserve chair and embrace of the president-elect’s broad tariff plans have generated concern among some Senate Republicans.

Thune is set to meet with Bessent on Wednesday, according to a person familiar with the matter. Raj Shah, a spokesperson for Trump’s transition team, said Bessent also plans to meet other key Senate Republicans including incoming No. 2 leader John Barraso this week.

Mike Crapo, the top-ranking Republican on the Senate Finance Committee, which will hold Bessent’s confirmation hearings, has previously been a supporter of Fed independence.

Bessent’s sprawling remit includes overseeing public financing and the Internal Revenue Service. He’s also seen as someone who’ll have a hand in helping Trump choose a replacement for Fed Chair Jerome Powell when his term expires in May 2026.

During the campaign, Trump said that a president should have some say over interest rates and had flirted with the idea of firing Powell before. Bessent, the chief of macro hedge fund Key Square Group LP, also criticized the Fed after its September jumbo rate cut and had floated the idea of having a shadow central bank head.

Bessent’s Senate ride is expected to be much smoother than Pete Hegseth as defense secretary, Kash Patel to head the Federal Bureau of Investigation and Tulsi Gabbard to run national intelligence.

Hegseth is facing allegations of rape and other sexual misconduct that he has repeatedly denied. Patel is criticized for his lack of experience and for attacking the agency he’s been asked to lead while Gabbard has been accused of being a Russian sympathizer.

Also in the spotlight is vaccine skeptic Robert F. Kennedy Jr.’s nomination to lead the Heath and Human Services Department.

Pam Bondi, Trump’s second choice to head the Justice Department after former Representative Matt Gaetz withdrew from consideration following intense scrutiny of his alleged sexual misconduct, met with senators on Monday.