Senate Finance Committee reports Scott Bessent nomination favorably amid tax and ethics objections

At a Senate Finance Committee business meeting, the committee voted 16–11 to favorably report the nomination of Scott Bessent to be secretary of the Treasury, moving the nomination to the full Senate.

The committee’s chairman opened the meeting by recommending the nominee and noting Mr. Bessent’s extensive experience. "Mr. Bessent has decades of academic, professional, and leadership experience relevant to this position," the chairman said, and added that Bessent had answered “200 plus questions for the record, not including the subparts.”

Senator Ron Wyden objected and urged colleagues to oppose the nomination. "This nominee is not square on his taxes," Wyden said, contending that Bessent had used a tax arrangement that avoided paying Medicare taxes and that the Internal Revenue Service had gone to court twice to challenge the scheme. Wyden said the reports and differing answers from the nominee about contacts in the 2024 transition with Trump advisers raised additional concerns and warranted further follow-up.

Senator Sheldon Whitehouse echoed concerns about the tax issue and described it as an example of a double standard for wealthy Americans. "If you're a billionaire, you're not expected to follow the rules," Whitehouse said, and urged that the nominee pay the Medicare taxes the IRS maintains are owed.

Other Democrats framed their opposition around public confidence and unresolved disputes with the IRS. Senator Welch said the ongoing taxpayer-IRS dispute should be resolved before the full Senate vote to preserve public trust in the department the nominee would oversee.

Several Republican senators spoke in support. The chairman said there was "no doubt that Mr. Bessent is an excellent choice for secretary of the Treasury," and Senator Martin described the nominee as a leader who understands economic challenges facing families and pledged support for his priorities, including deficit reduction and economic growth.

Before the roll call, the chairman moved that the committee favorably report the nomination; another member seconded the motion. The clerk called the roll. The roll-call record in the committee showed 16 members voting aye and 11 voting no; the clerk announced "the final tally is 16 ayes, 11 nays." The committee’s action was recorded as a favorable report, and the committee went into recess.

Discussion in the meeting centered on three themes: (1) the nominee’s tax arrangements and an ongoing IRS-related litigation that Democratic members said could create a conflict if unresolved; (2) questions about the nominee’s written and oral answers regarding contacts with Trump transition advisers, specifically references to Boris Epshteyn in news reports and follow-up questions the committee said were unanswered; and (3) broader policy concerns raised by some members, including whether the nominee would prioritize climate-related financial risks.

The committee’s report does not itself confirm the nomination; it forwards the nomination to the full Senate for consideration. Several Democratic senators said they may take the unresolved questions into account when they vote on the Senate floor, and Senator Welch explicitly said he hoped the tax dispute would be resolved before the full Senate vote.

Votes at a glance: the committee reported the nomination favorably by roll call, 16 ayes to 11 nays.