Scott Bessent's confirmation hearing comes days before Trump returns to the White House, with the president-elect vowing tax cuts, higher tariffs and a slash in federal spending.

Bessent, a hedge fund manager, is expected to see smooth confirmation to the top economic post, where he would play a key role implementing Trump's economic plan.

On Thursday, he told the Senate Finance Committee that Trump has a "generational opportunity to unleash a new economic golden age that will create more jobs, wealth and prosperity for all Americans."

"We can usher in a new, more balanced era of prosperity that will lift up all Americans and rebuild communities and families across the country," Bessent said.

In opening remarks, he took aim at government spending and high budget deficits while stressing the need to secure vulnerable supply chains and deploy sanctions carefully.

Bessent, 62, also raised the need to make permanent Trump's 2017 tax law -- of which some provisions are set to expire at the end of the year.

"If Congress fails to act, Americans will face the largest tax increase in history, a crushing $4 trillion tax hike," Bessent said.

"If we do not renew and extend, then we will be facing an economic calamity," he cautioned, adding that the middle and working classes would be hard-hit.

- Russia sanctions -

On US sanctions, Bessent said that if confirmed, he would be "100 percent on board for taking sanctions up, especially on the Russian oil majors," as a means to end war in Ukraine.

He also said he supports the US central bank's autonomy when it comes to monetary policy, telling lawmakers that the Federal Reserve's policymaking committee "should be independent" of the president.

On other policies, he disagreed that Trump's pledges for sweeping tariffs on imports would be paid for domestically. The president-elect sees levies as a means to raise government revenue.

While the Treasury Department has a less direct hand in tariff policy compared with other agencies, Bessent is anticipated to help shape the administration's international trade stance.

Bessent noted that tariffs can be a way to remedy unfair trade practices or negotiations on issues like the fentanyl crisis.

He emphasized as well that "we must ensure that the US dollar remains the world's reserve currency."

In November, Trump threatened a 100 percent tariff on the BRICS grouping -- which includes Brazil, Russia, India, China and South Africa -- if they undercut the US dollar.

On China, Bessent said Washington should ensure that the United States holds its lead over Beijing in areas like chips and artificial intelligence.

And on federal spending, Bessent said: "We do not have a revenue problem in the United States of America, we have a spending problem."

Trump's selection of Bessent, who is chief executive officer of investment firm Key Square Group, has been seen as a credible and safe choice.

Outgoing Treasury Secretary Janet Yellen warned Wednesday that plans to extend Trump's earlier tax cuts, which remained in place under President Joe Biden, could worsen the country's unsustainable fiscal path.