Scott Bessent, tapped by Donald Trump to be treasury secretary, faced sharp questions from Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the IRS.

The United States should keep oversight of potential problems in the U.S. bond market, President-elect Donald Trump's Treasury Secretary pick Scott Bessent told Congress on Thursday, referring to Wall Street billionaire Howard Lutnick's plan to clear Treasury futures through a UK firm.

Here's what to know about the Treasury secretary pick Bessent, who heads into his confirmation hearing and may become the first Senate-approved LGBTQ+ member in a Republican cabinet.