The Senate has officially given the green light to Scott Bessent as the new Treasury secretary, marking a significant step in the administration’s economic strategy. The decision, made on Monday, saw a vote of 68-29 in his favor.

At 62, Bessent will now take charge of the Treasury, where he’ll tackle pressing issues like the federal debt limit and efforts to extend the 2017 tax cuts. He’s also expected to navigate the challenges tied to the administration’s plans to impose tariffs on imports from countries like China, Mexico, and Canada—a move that could have ripple effects on the economy.

During his confirmation hearing earlier this month, Bessent emphasized his support for making the 2017 tax cuts permanent. He also pointed to federal spending, rather than revenue, as the core issue with the budget. Bessent, who has advised on economic policy for the administration, believes these strategies will help reduce consumer costs and boost wages.

Before this role, Bessent founded Key Square Capital Management, a hedge fund, and served as the chief investment officer at Soros Fund Management. Notably, he’s the first openly gay Treasury secretary and the first LGBTQ Senate-confirmed Cabinet member in a Republican administration.

When originally nominated in November, Bessent was praised as a champion of the “America First Agenda” and someone who would strengthen the U.S.’s position as a global economic leader. With his confirmation, the administration is betting big on his expertise to shape the country’s financial future.