WATCH: Trump Nominee Schools Democrat Senator On Energy In ‘Mic Drop’ Moment

During his Senate Banking Committee confirmation hearing on Thursday, President-elect Donald Trump’s nominee for Treasury Secretary, Scott Bessent, delivered a cutting rebuke to Democrats’ energy policies. The debate centered around clean energy and the Biden administration’s controversial Inflation Reduction Act (IRA), which Republicans have frequently criticized for its ballooning costs.

Ron Wyden (D-OR), a vocal critic of Trump’s energy agenda, attempted to frame the Trump administration’s rollback of green energy policies as a boon for China. “I think that’s going to be bad for the economy, but it is going to be damn good for China because we are in an arms race on clean energy with them. Are you going to be on the side of people who want to unravel this?” Wyden asked.

“Just so we can frame this for everyone in the room, China will build a hundred new coal plants this year,” Bessent explained. “There is not a clean energy race. There is an energy race. China will build ten nuclear plants this year. That is not solar.”

Bessent pressed on, showing his support for nuclear energy as a critical component of America’s energy independence. “I am in favor of more nuclear plants. And I would note that the IRA, as scored by the CBO, is wildly out of control in terms of spending on the upside.”

WATCH:

Critics of the IRA have long argued that the legislation prioritizes ideology over results. The act, signed into law by Biden in 2022, targets significant investments in climate change mitigation, energy security, and healthcare affordability while aiming to reduce the federal deficit through tax and healthcare reforms. It represented a landmark commitment to reducing U.S. greenhouse gas emissions.

While Wyden attempted to frame the rollback of green policies as an economic and environmental disaster, Bessent’s command of the facts painted a different picture—one that revealed China’s unrelenting commitment to traditional energy sources despite global pressure.

In his prepared opening statement to the Senate Committee, Bessent wrote, “Trump has a generational opportunity to unleash a new economic golden age that will create more jobs, wealth, and prosperity for all Americans.”

The Trump nominee is an investment manager and financial expert, best known as the founder of Key Square Group, a hedge fund he launched in 2015. Prior to that, Bessent served as the chief investment officer for Soros Fund Management, managing billions of dollars for George Soros.

His career includes extensive experience in global markets and finance, making him a prominent figure in the investment world. Bessent’s expertise spans decades, having worked at some of the top finance firms. While he is highly regarded for his financial acumen, his political role marks a significant shift from private-sector leadership to public service.

With his confirmation hearing off to a strong start, however, Bessent demonstrated why President-elect Trump tapped him for such a critical role. In November 2024, President-elect Trump announced his intention to nominate Bessent as the United States Secretary of the Treasury. If confirmed, Bessent would become the first openly gay individual to hold this position.