Treasury secretary nominee Scott Bessent is set up for a smoother ride in the Senate than some of President-elect Donald Trump’s fellow Cabinet picks. But the billionaire hedge fund manager has floated some policy ideas that could draw senators’ attention as he works his way through the nomination process.
That process is starting quickly. Bessent will begin his Capitol Hill meetings Wednesday, when he’ll sit down with incoming Senate Majority Leader John Thune and incoming Majority Whip John Barrasso.
The Senate Finance Committee typically holds nomination hearings for Treasury secretary quickly, even before the new president is sworn in. Without much tension around the Bessent pick, several GOP senators on the panel mentioned pretty straightforward Republican priorities they want to talk about in the hearing.
But ideas Bessent has discussed for the Federal Reserve and Trump’s own bigtime tariff goals aren’t likely to go over smoothly among all Senate Republicans.
Fed watch: We expect some Republican senators to have questions about central bank independence. Bessent suggested having a “shadow” chair of the Federal Reserve who could signal Trump’s monetary policy preference before current Chair Jay Powell’s term expires in 2026.
“We’ll want to know what the plan is, what the thought is on that,” Sen. James Lankford (R-Okla.) said when we asked about Bessent’s Fed comments.
Other lawmakers emphasized the need for Fed independence in the first place.
“I’m not for anything that’s going to hurt the independence of the Fed,” Sen. Chuck Grassley (R-Iowa) said. Sen. Thom Tillis (R-N.C.) added he doesn’t think there should be “a political link or dimension to the Fed” when we asked about what Bessent has floated, though Tillis also made clear he’s “very pleased” with the Treasury pick.
We asked Senate Finance Committee Chair Mike Crapo (R-Idaho) about Bessent’s comments, and Crapo said our question was “the very first I’ve heard about it, so I’m just going to have to pass on commenting on it right now.” But Crapo did voice his support for Fed independence too.
Crapo — who also noted his support for Bessent’s nomination — said he wouldn’t be surprised if tariffs are a topic at Finance’s hearing for the Treasury pick as well, though he said it likely won’t be how he uses his time with Bessent.
Personnel news: Bessent’s Capitol Hill sherpa is Brad Bailey. Bailey worked in legislative affairs for Treasury during the Trump administration. Currently, Bailey works at KKR, the investment giant.
Raj Shah is handling communications for Bessent’s nomination. Shah worked in the communications operation of Trump’s first White House. More recently, he was the deputy chief of staff to Speaker Mike Johnson.
