On Thursday, Scott Bessent, the nominee for the position of Secretary of the Treasury nominated by President-elect Trump, stated in his confirmation hearing that he does not support raising the federal minimum wage standard.
During the confirmation hearing held by the Senate Finance Committee on Thursday, Senator Bernie Sanders of Vermont criticized the fact that the federal minimum wage standard of $7.25 per hour has remained unchanged since 2009, and asked Bessent whether he would support increasing the minimum wage standard.
Bessent responded, “Senator, I believe the minimum wage standard is more of a state and regional issue.”
Sanders further inquired, “So you think we shouldn’t change the federal minimum wage standard of $7.25 per hour?”
Bessent crossed his fingers and simply replied, “That’s correct, sir.”
The stance of this nominee for Secretary of the Treasury is in line with the majority of Republicans, who support allowing states to control wage standards. However, this has sparked criticisms from Democrats and labor advocates who advocate for raising the federal minimum wage standard.
With the inflation rate soaring, in recent years, several states in the United States have raised their own minimum wage standards, but there are still 20 states where the minimum wage is the same as the federal standard of $7.25 per hour. Additionally, a few states have yet to set their own minimum wage and instead adopt the federal minimum wage standard.
According to a recent report from the U.S. Bureau of Labor Statistics, in May 2022, around 30 million Americans had an hourly wage below $15, slightly higher than one-fourth of the national workforce.
Furthermore, 22.8% of the workforce, approximately 33.8 million workers, earn an hourly wage ranging from $15 to $19.99.