(Reuters) - The U.S. Senate Finance Committee on Tuesday voted to send the nomination of billionaire hedge fund manager Scott Bessent as President Donald Trump's Treasury secretary on to the full Senate for approval.

The committee voted 16-11 to send the nomination on to a final confirmation vote in the Senate. All Republicans voted in favor of the nomination, but Bessent also won approval votes from two Democrats, Mark Warner and Maggie Hassan.

If approved as expected, Bessent, 62, will be one of the new administration's critical voices in economic policy, with vast influence over fiscal policy, financial regulations, international sanctions and investments from overseas. He would also be the point man for managing the nation's tax collections and its $28 trillion Treasury debt market.