Treasury Nominee Calls For Stronger Russia Sanctions And Fed Independence At Confirmation Panel

WASHINGTON, DC – JANUARY 16: Billionaire hedge fund manager Scott Bessent testifies before the Senate Finance Committee during his confirmation hearing for Treasury Secretary in the Dirksen Senate Office Building on Capitol Hill on January 16, 2025 in Washington, DC. The founder of Key Square Group and former colleague of Democratic megadonor George Soros, Bessent donated and helped raise millions of dollars for President-elect Donald Trump, who nominated Bessent to be the next Secretary of the Treasury. (Photo by Chip Somodevilla/Getty Images)

WASHINGTON (AP) — U.S. Treasury nominee Scott Bessent is facing sharp questions from both Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the future of an IRS tax filing system that Republicans have called to be cut. Bessent sat in front of the Senate Finance Committee on Thursday for his confirmation hearing. He told lawmakers that President-elect Donald Trump has an opportunity to unleash “a new economic golden age.” Bessent pledged to maintain a free IRS tax filing system at least for the 2025 tax season, while studying whether it should continue after that. Republican lawmakers have branded that program a waste of money and want it cut.