U.S. Treasury nominee Scott Bessent on Thursday faced sharp questions from both Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the future of an IRS tax filing system that Republicans have called to be cut.And in turn, Bessent defended of President-elect Donald Trump’s economic policies and proposals.Bessent sat in front of the Senate Finance Committee for his confirmation hearing, where he told lawmakers that the U.S. faces economic calamity if Congress does not renew provisions of Trump’s Tax Cuts and Jobs Act. He also asserted the Federal Reserve should remain independent from the president’s influence and U.S. sanctions on Russian oil should be more aggressive.He was introduced by a fellow South Carolinian, Republican Sen. Lindsey Graham, who said the U.S. needs a treasury secretary “who knows what he’s doing, has the trust of the president and loves his country.” Graham added: “Your ship came in with this …
