The nomination of 62-year-old Bessent, put forward for the position by Republican President Donald Trump, was supported by 68 senators, including 16 members of the Democratic Party.
Twenty-nine members of the U.S. Senate voted against Bessent.
Reuters describes the new Secretary of the Treasury as a "staunch supporter of Trump's economic agenda," which focuses on tax cuts and high tariffs.
Bessent earned a bachelor's degree in political science from Yale University and dedicated his career to finance, working for investors George Soros and Jim Chanos, as well as managing his own firm, Key Square, the agency reports. It highlights that Bessent is "the highest-ranking openly gay federal official in history." He is married and has two children.