The Senate Finance Committee voted to approve President Donald Trump’s pick to lead the Treasury Department, hedge fund manager Scott Bessent. He will now move to a final confirmation vote in the Senate.

With the vote Tuesday, Bessent, 62, appears on track to ascend to one of the most powerful Cabinet positions at the White House, overseeing the country’s fiscal and economic policy. Last week, he testified at his confirmation hearing in the Senate Finance Committee, at which the expiring Tax Cuts and Jobs Act was a major point of conversation.

The Finance Committee voted 16-11 on Tuesday to advance Bessent’s nominations. All Republicans voted for Bessent and two Democrats, Sens. Mark Warner (D-VA) and Maggie Hassan (D-NH), joined in voting to advance his nomination.

Bessent founded the New York-based investment firm Key Square Group.

The South Carolina native and Yale University graduate joined Soros Fund Management in the 1980s and worked his way up the totem pole at the firm before leaving in 2015 as its chief investment officer. He then founded Key Square Group.

Bessent was a close economic adviser to Trump on the campaign trail and urged Trump to embrace a “3-3-3” policy, which would mean pushing for 3% gross domestic product growth, cutting the deficit to 3% of gross domestic product by 2028, and increasing energy production by the equivalent of 3 million barrels of oil per day.

During the Monday hearing, Finance Committee Chairman Mike Crapo (R-ID) praised Trump’s choice for treasury secretary and urged his colleges to advance Bessent’s nomination.

“Mr. Bessent has decades of academic, professional, and leadership experience relevant to the position, as well as the gravitas, demeanor, and character to be an effective secretary,” Crapo said. “Mr. Bessent has also thoughtfully responded to our questions, during the rigorous diligence process, his hearing, and in the course of answering 200-plus questions for the record, not including subparts, that were asked by members of this committee.”

Still, ranking member Ron Wyden (D-OR) bashed Bessent’s hearing performance and accused him of being “completely unprepared” for questions about tax policy.

CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER

The short hearing did not feature remarks from other members of the tax-writing committee.

Bessent will now face a full vote in the Republican-controlled Senate, where he is widely expected to be confirmed.