Hedge fund executive Scott Bessent will face a Senate confirmation hearing for Treasury secretary on Thursday, which could make him the first openly gay Cabinet member of a Republican administration.

Trump's promised tax cuts, and their potential consequences for the U.S. economy, took center stage at Bessent's confirmation hearing.

WASHINGTON—Tariffs, tax policy and budget deficits look likely to dominate Thursday’s confirmation hearing for Scott Bessent, the fund manager picked by President-elect Donald Trump to run the Treasury Department.