Scott Bessent, a wealthy hedge fund manager, was confirmed as the next Treasury Secretary by the Senate on Monday with a bipartisan vote of 68 to 29.

Bessent, seen as a business-friendly choice, is expected to play a key role in advocating for the extension and possible expansion of the 2017 tax cuts.

He will also make history as the first openly gay person to serve as Treasury Secretary, NPR has reported.

Written by B.C. Begley