Bessent Dismisses Warren’s FX Critique with ‘Foreign Exchange for Dummies’ Offer
Treasury Secretary Scott Bessent responded to Sen. Elizabeth Warren’s questions about the US-Japan yen intervention by mocking her FX knowledge and offering a 'Foreign Exchange for Dummies' tutorial. He argued the Exchange Stabilization Fund swap involved no new borrowing or debt for Japan and rejected Warren’s taxpayer-risk concerns, defending the move as necessary to prevent disorderly markets in coordination with Japan, while noting the exact size of the Treasury’s yen purchase has not been disclosed.
