Today, the GOP-controlled Senate Finance Committee held its first confirmation hearing for President-elect Trump’s nominee for Treasury Secretary, billionaire Wall Street hedge fund executive Scott Bessent. During the hearing, Bessent provided misleading answers about the TCJA’s impact. Additionally, Bessent’s extensive investments in fossil fuel companies and push to repeal climate credits to fund new tax breaks for the ultra-wealthy raised conflict of interest concerns. In response, Americans for Tax Fairness released the following statement.

“Today’s hearing made it clear— Billionaire Wall Street executive Scott Bessent and his wealthy allies in the Trump White House prioritize their own self-interest over the economic well-being of hardworking American families,” said ATF Executive Director David Kass. “Bessent made multiple refutable claims about the Trump tax plan while failing to provide concrete details about funding his administration’s proposed $5 trillion in tax breaks for corporations and the ultra-wealthy. A nominee who cannot answer basic questions about financing his administration’s priorities, who has numerous potential conflicts of interest, and who has previously advocated cutting essential programs like Medicare should not be confirmed.”