Trump’s Treasury Nominee Opposes Federal Minimum Wage Increase

Scott Bessent, a billionaire hedge fund manager, argues that wage policy should remain a state and regional issue during his Senate confirmation hearing.

Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, stated he does not support raising the federal minimum wage, which has remained at $7.25 since 2009.
During his Senate confirmation hearing, Bessent argued that minimum wage decisions should be left to states and regions rather than addressed at the federal level.
Senator Bernie Sanders pressed Bessent on the issue, highlighting that millions of Americans earn less than $15 an hour, but Bessent reaffirmed his stance against a federal increase.
Bessent also expressed support for extending the Tax Cuts and Jobs Act from Trump’s first term, favoring tax policies that benefit high-income earners.
The federal minimum wage has been stagnant for over 15 years, marking the longest period without an increase since its establishment in 1938.