Scott Bessent, U.S. President-elect Donald Trump's choice to head the Treasury Department, on Thursday said that extending Trump's 2017 tax cuts that are set to expire at the end of this year is "the single most important economic issue of the day.

More than any other nominee, Bessent’s responsibilities are at the heart of Trump’s economic agenda, and he can expect probing questions from the committee’s members, all of whom are well-versed on financial matters and have strong opinions on trade, taxes, debt, sanctions and other areas under Treasury’s remit. The panel also includes some of the most senior members of both parties, including Senator John Thune, who was recently elected Senate Majority Leader. Thune will be a key player in shepherding Trump’s agenda through Congress, where the president can afford to lose the votes of only three of his party’s 53 senators in the chamber.

The Federal Reserve should stay independent, Trump's pick to be U.S. Treasury Secretary told a Senate panel on Thursday.