Author: Bo Erickson
(Reuters) – Senate Finance Committee Chairman Mike Crapo said on Wednesday he hoped a full Senate vote could take place next week on U.S. President Donald Trump’s Treasury Secretary pick, Scott Bessent.
On Tuesday, Bessent overruled Crap’s committee on a 16-11 vote, including the support of two Democrats. But Crapo told Reuters Democrats were using “a lot of delaying tactics.”
Democrats – in the minority party – may use procedural maneuvers to slow down some confirmation votes, and Senate Majority Leader John Thune said that could end up with confirmation votes in the Senate over the weekend.
Meanwhile, some Democrats are raising flags about Bessent using a tax loophole to reduce Medicare taxes paid by his hedge fund by $910,000 over three years, a claim disputed by the IRS.
Bessent said at his Jan. 16 confirmation hearing that he would set aside funds to pay all back taxes after the case is decided. He has promised to close the fund, Key Square, to avoid a conflict of interest if his nomination is confirmed.
But Sen. Elizabeth Warren, a Democrat, said Wednesday that Bessent “refuses to submit his own taxes for an audit and agree to pay what he owes. That’s a real problem for someone who would be in charge of the IRS.”
The Senate Commerce Committee has yet to schedule confirmation hearings for other top economic positions, including Trump’s pick for Commerce Secretary, Howard Lutnick, and United States Trade Representative, Jamieson Greer.
