WASHINGTON – Scott Bessent, a seasoned professional from Wall Street and President-elect Donald Trump’s nominee for Treasury Secretary, is set to face a Senate confirmation hearing on Thursday. While he is likely to get a warm reception, he can anticipate tough questioning from a prominent Democratic senator concerning financial deregulation, which is viewed as a significant factor contributing to previous economic crises.

The 62-year-old Bessent is scheduled to testify before the Senate Finance Committee in the U.S. Capitol.

Previously the chief investment officer at Soros Fund Management, he currently heads Key Square Group, a hedge fund based in Connecticut that he established. If confirmed, Bessent would make history as the first openly gay Cabinet member in a Republican administration. He is also known for being bipartisan, having previously hosted a fundraiser for then-Vice President Al Gore during his presidential campaign in 2000.

“Scott has always been a strong supporter of the America First Agenda,” remarked Trump in a November statement announcing his Treasury appointment. “As our great nation approaches its 250th Anniversary, he will assist me in ushering in a new Golden Age for the United States, strengthening our status as the world’s leading economy, center for innovation, and destination for investment.”

In selecting Bessent, Trump opted for a more traditional businessman, instead of a politically charged figure, for a senior role that will offer financial, economic, and tax policy advice. A Yale graduate, Bessent has been an advocate for Trump’s agenda, which includes deregulation, boosting domestic energy production, and implementing tax cuts.

Prior to the confirmation hearing, Senator Elizabeth Warren from Massachusetts sent a letter on Sunday, outlining 180 questions for Bessent and expressing her apprehensions regarding his nomination.

“You have promoted the deregulation of banks and the financial sector,” Warren wrote, referencing a November opinion piece by Bessent in The Wall Street Journal where he argued that Trump was given a mandate to reinvigorate the U.S. economy through deregulation and tax reform aimed at boosting supply-side growth.

“Yet, the deregulation of the financial sector laid the groundwork for the 2008 financial meltdown and the most severe recession in decades,” she continued. “The fallout from the crisis cost the U.S. economy nearly $20 trillion, and as many as 10 million individuals may have lost their homes.”

Warren pressed, “What specific deregulation measures do you plan to implement and advocate for if confirmed as Treasury Secretary?” highlighting that deregulation has also led to more recent failures among smaller and mid-sized banks.

In a June speech at the Manhattan Institute, Bessent proposed a strategy to enhance economic growth, which he referred to as the “3-3-3” plan. This aims to achieve a 3% increase in U.S. gross domestic product through deregulation and energy initiatives, reduce the budget deficit to 3% of GDP by 2028, and ramp up oil production by 3 million barrels per day.

Bessent has indicated that a key focus of his role would be to implement Trump’s tax cut promises, and he is anticipated to address how he would balance the dual goals of deficit reduction while simultaneously decreasing federal tax revenues.

The Republicans hold a 53-47 majority in the Senate, and several of them have conveyed confidence in Bessent’s confirmation prospects.

Senator Markwayne Mullin from Oklahoma mentioned last month that Bessent appears to have a “very clear path” to receiving confirmation.

“He’s one of the brightest individuals I’ve known,” noted Senator Tommy Tuberville of Alabama, who has known Bessent for over 15 years. He emphasized that the hedge fund manager is well-versed in both domestic and international finance.

“He will be an outstanding Treasury Secretary,” Tuberville stated.

Bessent plans to resign from his position at Key Square Group and sell his company shares within 90 days following Senate confirmation, according to a letter he sent to the Treasury Department last week.

His financial disclosures reveal he owns at least $520 million in assets, which include over $100 million in U.S. Treasury bonds, up to $5 million in art and antiques, a property in the Bahamas valued at approximately $25 million, and up to $500,000 in Bitcoin ETFs, which he stated he would divest.

Swapna Venugopal Ramaswamy is a White House Correspondent . You can follow her on X @SwapnaVenugopal