[Congressional Record Volume 171, Number 17 (Monday, January 27, 2025)]
[Senate]
[Page S384]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                      Nomination of Scott Bessent

  Mr. THUNE. Mr. President, later today, we will hold a vote on the 
nomination of Scott Bessent to be Treasury Secretary. An example of the 
American dream in action, Mr. Bessent rose from challenging economic 
circumstances to a career in the world of finance, and he brings a 
wealth of private sector experience in the economy and markets to his 
new role, as well as a concern for the needs of working Americans.
  During President Trump's first administration, we passed major tax 
relief legislation. The Tax Cuts and Jobs Act reformed our Nation's 
outdated Tax Code, lowered tax rates across the board, nearly doubled 
the standard deduction, doubled the child tax credit, and enacted pro-
growth policies for American businesses of all sizes. As a result, the 
economy took off, and our Nation became more competitive. Household 
incomes increased, and the employment rate hit its lowest level in 50 
years.
  Now, however, a lot of that tax relief is close to expiring, and 
without action, American families and businesses will face a staggering 
$4 trillion tax hike next year. At the top of the Republican agenda is 
extending that tax relief to help our economy and the American people 
thrive. I deeply appreciate the fact that Mr. Bessent shares that 
commitment, and I am looking forward to working with him on extending 
the Tax Cuts and Jobs Act.
  I am also looking forward to working with him to help ensure that 
American businesses large and small remain competitive in the global 
economy. Over the last 4 years, we have witnessed the Biden 
administration embrace the Organisation for Economic Co-operation and 
Development and negotiate with nations around the world on a Pillar 2 
global minimum tax regime--all, I might add, without consulting 
Congress and, I would argue, without fully appreciating the damage to 
the United States' own tax base and our ability to set tax policy for 
U.S. multinational firms.
  The Tax Cuts and Jobs Act helped create an environment where American 
businesses could thrive on the global stage, and I am committed to 
working with Mr. Bessent and the Trump administration to continue to 
protect American businesses and ensure that we do not enter into 
agreements that put U.S. businesses at a disadvantage next to their 
foreign counterparts.