Trump Treasury secretary nominee won’t support raising minimum wage
Scott Bessent, President-elect Trump’s Treasury secretary nominee, said Thursday that he would not support raising the minimum wage.
Bessent, if confirmed, would not have the authority to raise wages, which would require an act of Congress. But Sen. Bernie Sanders (I-Vt.), who introduced a bill in the 117th Congress to raise the minimum wage to $15, asked Bessent, a hedge fund manager, to work with him and other lawmakers who want to implement a “living wage.”
“I believe that the minimum wage is more of a statewide and regional issue,” Bessent said during his confirmation hearing before the Senate Finance Committee.
“So you don’t think we should change the federal minimum wage of $7.25 an hour?” Sanders asked.
“No, sir,” Bessent responded.
The national minimum wage has been stuck at $7.25 since 2009, although 30 states and dozens of cities, including the District of Columbia, have increased the effective minimum wage, according to the Economic Policy Institute.
About 30 million Americans were paid less than $15 per hour in May 2022, just more than a quarter of the nation’s workforce, according to a recent report by the U.S. Bureau of Labor Statistics.
Another 22.8 percent, or 33.8 million workers, made between $15 and $19.99 per hour.
Trump said in a December interview with "Meet the Press" that he would “consider” raising the federal minimum wage, although he did not commit to a specific figure. He also warned that raising the minimum wage too much could hurt businesses.
"The other thing that is very complicated about minimum wage is places are so different," he said. "Mississippi and Alabama and great places are very different than New York or California in terms of the cost of living and other things."
Topics
-
Trump's choice for treasury secretary questioned on the economy
Scott Bessent, President-elect Trump's pick for Treasury Secretary, was pressed about Trump's economic plans at his Senate confirmation hearing. NBC News' Garrett Haake reports.NBC News - 6h -
Trump Treasury Pick Scott Bessent Defends Plans to Cut Taxes and Raise Tariffs
Scott Bessent, President-elect Donald J. Trump’s choice to be Treasury secretary, will be in charge of steering the president’s economic agenda if confirmed by the Senate.The New York Times - 9h -
How Trump’s Treasury Nominee Allegedly Avoided Nearly $1 Million in Taxes
Hedge fund manager Scott Bessent is facing questions about his personal taxes at a hearing on his treasury secretary nomination.Inc. - 11h -
Trump names pick for Air Force secretary
President-elect Trump on Thursday named Troy Meink, a top spy chief who has previously served as a missile engineer, as his pick for secretary of the Air Force. Trump said in a statement on Truth ...The Hill - 8h -
Sen. Marco Rubio appears to have bipartisan support for Secretary of State
Several of Trump's Cabinet picks will face questions today during confirmation hearings, including former Florida AG Pam Bondi, his pick to lead the DOJ.NBC News - 1d -
How healthy are Donald Trump’s nominees?
A checkup on how 18 top picks are faring in the Senate.Politico - 2d -
Confirmation hearing for Trump's VA secretary pick delayed
The confirmation hearing for President-elect Trump's pick for the next the secretary of Veterans Affairs, former Rep. Doug Collins (R-Ga.), has been delayed by a week until Jan. 21. Sen. Jerry ...The Hill - 3d -
Firms to raise prices due to tax and wage increases
Consumers could face higher costs in the coming months amid falling confidence among UK businesses.BBC News - Jan. 6 -
Trump announces new treasury and ambassador nominees
President-elect Trump announced several appointments for his Treasury Department and choices for ambassadors for two European countries. In multiple Thursday Truth Social posts, Trump outlined who ...The Hill - Jan. 3
More from The Hill
-
Eric Adams to meet with Trump ahead of his inauguration
New York City Mayor Eric Adams (D) is set to meet with President-elect Trump in Florida on Friday just days ahead of Trump's inauguration next week, according to Adams’s aide. “Tomorrow, Mayor ...The Hill - 2h -
Former FEMA director to Congress: 'Give it back its independent agency status,' direct access to president
Former director of the Federal Emergency Management Agency (FEMA) Michael Brown said that Congress should give the disaster relief agency back its “independent agency status,” allowing it direct ...The Hill - 3h -
Biden won't enforce TikTok ban: Reports
Reports allege that President Biden will not enforce the TikTok ban slated to take effect on Sunday, just one day before the presidential inauguration, according to multiple reports, including by ...The Hill - 3h -
Biden says he spent too much time on policy, not enough on politics
President Biden said that he spent too much time on policy and not enough time on politics while reflecting on his presidency in his final interview just days away from leaving office. Biden sat ...The Hill - 3h -
Biden says goodbye to the troops
Welcome to The Hill's Defense & NatSec newsletter {beacon} Defense &National Security Defense &National Security The Big Story Bien says goodbye to the troops President Biden on Thursday ...The Hill - 4h
More in Politics
-
Eric Adams to meet with Trump ahead of his inauguration
New York City Mayor Eric Adams (D) is set to meet with President-elect Trump in Florida on Friday just days ahead of Trump's inauguration next week, according to Adams’s aide. “Tomorrow, Mayor ...The Hill - 2h -
Former FEMA director to Congress: 'Give it back its independent agency status,' direct access to president
Former director of the Federal Emergency Management Agency (FEMA) Michael Brown said that Congress should give the disaster relief agency back its “independent agency status,” allowing it direct ...The Hill - 3h -
Biden won't enforce TikTok ban: Reports
Reports allege that President Biden will not enforce the TikTok ban slated to take effect on Sunday, just one day before the presidential inauguration, according to multiple reports, including by ...The Hill - 3h -
Georgia senator arrested after trying to enter House chamber
Georgia State Sen. Colton Moore, a Republican, was arrested when he tried to enter the state House chamber after a previous ban.NBC News - 3h -
Biden says he spent too much time on policy, not enough on politics
President Biden said that he spent too much time on policy and not enough time on politics while reflecting on his presidency in his final interview just days away from leaving office. Biden sat ...The Hill - 3h