Washington, D.C. — Today, the Senate Committee on Finance held a confirmation hearing for Donald Trump’s nominee for Treasury Secretary: Scott Bessent.
In response, Unlocking America’s Future Spokesperson Kyle Herrig said the following:
“Scott Bessent, who has made millions investing in the oil and gas industry and has been an outspoken opponent of renewable energy development and responsible investing. As today’s confirmation hearing showed, confirming Scott Bessent as Treasury Secretary would cause a wave of setbacks for our clean energy economy while harming American consumers and businesses.”
Additional Background:
- Besset’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.”
