Bessent Faces Criticism Over Minimum Wage Stance

Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, faced a Senate Finance Committee confirmation hearing where his stance on the federal minimum wage drew criticism. Bessent, a billionaire hedge fund manager, stated he does not support raising the federal minimum wage from $7.25 per hour, citing it as a more regional issue. This position was challenged by Sen. Bernie Sanders and other progressive lawmakers, who argue for a $15 minimum wage to lift millions out of poverty. Bessent's stance aligns with Trump's cautious approach to federal wage increases, though Trump has shown some openness to reconsideration. Despite opposition from some Democrats, Bessent is likely to be confirmed due to strong Republican support and his qualifications. The federal minimum wage has not increased since 2009, though many states and cities have set higher rates.