“We must secure supply chains that are vulnerable to strategic competitors, and we must carefully use sanctions as part of a whole-of-government approach to meet our national security needs,” Bessent said in prepared remarks. “And above all, we must ensure that the US dollar remains the world’s reserve currency.”

The Senate is likely to confirm Bessent, a newcomer to Washington politics and a longtime hedge fund manager, given his strong support among Republicans.

Some Democrats have been outspoken about their opposition to him, including Sen. Ron Wyden of Oregon, the ranking Democrat on the committee, who expressed concern about tax cut plans, and Sen. Elizabeth Warren, D-Mass., who drafted a 31-page Bessent’s letter to him included 180 questions on topics such as taxes, banking supervision and enforcement of international sanctions.

Tax policy is expected to be a big focus of today’s hearing, as the Finance Committee will be tasked with drafting a comprehensive tax bill this year. Questions are also likely to arise about the Federal Reserve’s independence, Trump’s tariff plans and the administration’s approach to the debt ceiling.

The Finance Committee must reject his nomination for the full Senate in order to advance his candidacy.