The Senate Finance Committee voted to approve President Donald Trump’s pick to lead the Treasury Department, hedge fund manager Scott Bessent. He will now move to a final confirmation vote in the Senate.

With the vote Tuesday, Bessent, 62, appears on track to ascend to one of the most powerful Cabinet positions at the White House, overseeing the country’s fiscal and economic policy. Last week, he testified at his confirmation hearing in the Senate Finance Committee, at which the expiring Tax Cuts and Jobs Act was a major point of conversation.