Washington, D.C. — Today, the U.S. Senate voted to confirm Scott Bessent as U.S. Treasury Secretary. Like many of President Trump’s other Cabinet members, Bessent raises serious concerns for the future of responsible investing.
In response, Unlocking America’s Future Spokesperson Kyle Herrig said the following:
“Scott Bessent is an outspoken opponent of clean energy and responsible investing whose record shows he cares more about appeasing billionaires and big business than helping Americans make ends meet. During his confirmation hearing, Bessent even voiced staunch opposition to the clean energy tax credits that are powering our economy, creating millions of new jobs, and putting money back into Americans’ pockets. As our new Treasury Secretary, it’s clear Bessent will be yet another Big Oil puppet who will gut policies that have actually lowered costs for families and make our economy more resilient to disaster.”
Additional Background:
- At his confirmation hearing, Bessent said that spending on President Biden’s clean energy tax credits were “wildly out of control” despite the millions of jobs created through these programs.
- Bessent’s financial firm, Key Square Capital Management LLC, has made millions of dollars investing in the oil and gas industry. As recently as the first quarter of 2024, Scott Bessent’s Key Square Capital Management LLC owned a $3.1 million stake in LyondellBasell Industries, which owns a soon-to-be-shuttered oil refinery in Houston.
- Bessent has been a vocal opponent of renewable energy development and the Inflation Reduction Act, which spurred billions in clean energy manufacturing investment into America’s rural economies. As Treasury Secretary, he’d be in a position to rewrite or reverse clean energy tax credit portions of the law, which President-elect Trump has called the “greatest scam in history.”
