President-elect Donald Trump's pick for U.S. Treasury Secretary, Scott Bessent, told U.S. senators on Thursday he is interested in potentially enacting tariffs on carbon emissions.

Here's what to know about the Treasury secretary pick Bessent, who heads into his confirmation hearing and may become the first Senate-approved LGBTQ+ member in a Republican cabinet.

Sen. Bernie Sanders questioned treasury secretary nominee Scott Bessent if the United States is an oligarchy, citing the wealth concentrated among three prominent billionaires: Elon Musk, Jeff Bezos and Mark Zuckerberg.

Scott Bessent, Donald Trump’s nominee for treasury secretary, made it clear during his confirmation hearing Thursday that he’s only interested in protecting the interests of the rich and powerful. The hedge fund manager with a net worth of at least $500 million repeatedly spiked down questions about whether he would support working-class priorities.

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The fund manager will face senators at a confirmation hearing on Thursday

Donald Trump's nominee for Treasury Secretary, Scott Bessent, says he will "get back to" Senator Ben Ray Luján when asked at his Senate confirmation hearing if he would suggest cuts to Medicaid. Vile. pic.twitter.com/EM6Nx5L0XD

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Scott Bessent, tapped by Donald Trump to be treasury secretary, faced sharp questions from Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the IRS.

Scott Bessent's wise comments on tariffs, taxes, spending, and debt calmed investors and sent markets soaring.