All articles tagged with #scott bessent
Treasury officials announced that companies, nonprofits and state/local governments can donate public stock to the new child-investment accounts, with seed funding of up to $1,000 for about 1.4 million accounts (born 2025–2028) and more than 6 million accounts available; stock donations go to the Treasury to be allocated per donor instructions, while cash contributions will be invested in the SPYM ETF.
At a Senate Finance Committee hearing, Scott Bessent claimed groceries were going down, a remark challenged by Sen. Maggie Hassan who asked when he last shopped. Official data show grocery prices continue to rise (food-at-home up 2.9% year over year in April 2026 and up 0.7% month over month), with increases in beef, vegetables and tomatoes, underscoring that inflation remains a concern even as some officials argue it’s easing.
At a Senate Finance hearing, Treasury Secretary Scott Bessent argues that faster growth and tighter control of spending can stabilize Social Security without tax increases or benefit cuts, anchored by a 3‑3‑3 framework: about 3% growth, roughly 3% of GDP in deficits, and 3 million barrels per day more domestic energy. Democrats contend deficits and trust‑fund shortfalls remain a risk and growth alone may not solve the problem, while some Republicans hint at alternative Social Security accounts as part of the debate.
At a Senate Finance Committee hearing, Treasury Secretary Scott Bessent said he is performing the duties of the IRS commissioner, not acting in the role, after taking over duties in March. Democrats pressed for clarity on his authority and whether others affected by a former IRS contractor’s leaked returns would receive the same immunity tied to Trump’s settlement. The DOJ indicated a planned $1.8 billion ‘anti-weaponization’ fund would not proceed, and emphasized ongoing litigation governs protections for those taxpayers.
Treasury Secretary Scott Bessent said at a cabinet meeting that the Trump Accounts app will launch on all major platforms this Thursday. The Trump Accounts are a provision of the tax law that would give $1,000 to every newborn, invested by private firms and available when the child turns 18; nearly 6 million kids were already signed up as the formal July 4 rollout approaches.
At a White House briefing, Treasury Secretary Scott Bessent asked to be called 'Dr.' after receiving an honorary doctorate, then dodged questions on topics including Iran, the $1.8 billion Anti-Weaponization Fund, and Trump’s plan to feature his face on a $250 bill, signaling ongoing debates over titles, media coverage, and the Trump era’s broader controversies.
Treasury Secretary Scott Bessent blamed Elizabeth Warren’s September 2022 letter opposing Spirit’s merger with JetBlue for Spirit Airlines’ collapse four years later, arguing the Biden administration blocked a deal that could have preserved thousands of jobs; Spirit cited rising fuel costs tied to the Iran war and a failed government rescue as the immediate causes, while noting Commerce, not Treasury, was attempting to put together a bailout deal and that JetBlue’s involvement could have strengthened Spirit.
Fox News’ Peter Doocy pressed Treasury Secretary Scott Bessent on when gas would fall to $3 a gallon, but Bessent dodged a firm timeline, offering a broad window (June 20 to Sept. 20) while blaming gas stations for price spikes; the backdrop is surging pump prices—about $4+ per gallon nationwide—driven by Iran-related oil disruptions and Strait of Hormuz tensions, as the IMF warns of global economic risks and Trump defends the price increases as necessary for national security.
Treasury Secretary Scott Bessent defended Trump’s post celebrating Mueller’s death on Meet the Press, saying the president and his family have endured investigations and the Mar-a-Lago raid, and urged empathy for what they’ve been through, while not explicitly endorsing the death celebration.
During a House Financial Services Committee hearing, Democratic lawmakers pressed Treasury Secretary Scott Bessent on oversight of the U.S. financial system, with heated exchanges and interruptions that underscored partisan tensions.
At a House Financial Services Committee hearing, Treasury Secretary Scott Bessent clashed with Maxine Waters over tariffs inflationary impact, with Waters pressing about a claimed warning that tariffs are inflationary and Bessent denying that wording while arguing tariffs inflation effect is modest; the exchange highlights the ongoing debate over tariffs price effects on housing and consumers.
Multimillionaire Scott Bessent argued on Fox News that families should donate to Trump Accounts rather than buy toys for children, a pitch that drew online backlash and raised questions about feasibility and how the plan would work alongside a cost‑of‑living reality.
Scott Bessent said the Trump administration remains committed to a strong-dollar policy and is not intervening in dollar–yen markets, fueling a dollar rally as traders reassessed intervention risk; he argued that sound fundamentals and policy will attract capital and strengthen the dollar over time, while speculation of official FX action has been denied.
At Davos, Treasury Secretary Scott Bessent positions himself as Trump’s market whisperer, framing Greenland threats as a national emergency and urging investors to stay calm, while privately guiding a discreet Fed chair search and helping the administration ride volatility as markets briefly fell on tariff talk but recovered by week’s end.
Argentina has fully repaid its $20 billion credit line from the Trump administration, a move seen as a positive step towards restoring confidence in its economy, though challenges like low foreign reserves remain.