The Senate has officially confirmed Scott Bessent as the next U.S. Treasury Secretary, marking a significant step for the Trump administration’s economic plans. The vote passed with a 68-29 majority on Monday, placing the billionaire hedge fund manager at the helm of the nation’s financial leadership.

Bessent, who has extensive experience in financial markets, will now oversee key economic policies, including tax reforms, trade tariffs, and efforts to deregulate industries. His appointment signals a major shift from the Biden administration’s approach, with programs focused on equity and climate change expected to be scaled back. Additionally, Bessent has announced that Treasury staff will no longer be allowed to work remotely.

This will be Bessent’s first role in government, and he’s already facing a hefty agenda. One of his immediate tasks is addressing the looming debt limit crisis, which could force the U.S. into default if Congress doesn’t act soon. He’s also been tasked with exploring the creation of a new “External Revenue Service” to handle tariff collections, reviewing foreign currency practices, and identifying nations that impose discriminatory taxes on Americans.

During his confirmation hearing, Bessent shared that he had previously been turned away from public service opportunities due to his sexual orientation. Now, as the first openly gay Treasury Secretary, he’s breaking barriers while taking on one of the most critical roles in the administration.

President Trump’s economic vision leans heavily on Bessent’s expertise, particularly in reshaping trade relationships and implementing tax cuts. With these challenges ahead, Bessent’s leadership will undoubtedly shape the direction of the U.S. economy in the coming years.