Ahead of Bessent Confirmation Hearing, Warren Lays Out Questions for Trump Treasury Secretary Nominee
Sent 31-page, 180-question letter to Bessent on his record, and his policy views on taxes, trade, financial regulation, and other key economic policy issues
“Your answers to [my] questions … will be critical to assessing how you plan to lead the Treasury Department.”
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs and member of the Senate Committee on Finance, wrote to Treasury Secretary-Designate Scott Bessent with concerns about his nomination. In her 31-page letter, Senator Warren asked Bessent more than 180 questions on his record and his views on economic policy, requesting that he come prepared to discuss them at his confirmation hearing on Thursday, January 16, 2025.
“Although you have had a lengthy career in the financial sector as a hedge fund manager and have been a major campaign fundraiser, you have no government experience,” said Senator Warren. “There is no comprehensive record of your positions relating to various Treasury-related duties and key policy areas within the Secretary’s orbit..”
Because of these gaps, Senator Warren concluded, “Your answers to [my] questions … will be critical to assessing how you plan to lead the Treasury Department.”
Senator Warren sought clarification on a number of key areas, including:
- Bessent’s advocacy for deregulation of banks and the financial industry, which threatens the stability of the banking and economic systems.
- His support for President-elect Trump’s tax agenda that would benefit the wealthy at the expense of middle-class families.
- His approach to President-elect Trump’s tariff plans - and how he will prevent the corruption that marred Trump’s tariffs in his previous administration.
- His approach to bank consolidation and financial speculation.
- His potential approach to the IRS under his purview at Treasury, and as Chair of the Financial Stability Oversight Council, and the Committee on Foreign Investments in the United States.
- His positions on anti-money laundering and counter-terrorism financing measures - especially as Project 2025 calls for repealing measures that help the government combat money laundering, sanctions evasion, and terrorist financing.
- His plans to address the housing crisis, and how he will approach calls to end the conservatorships of Fannie Mae and Freddie Mac, which could increase housing costs for families and would greatly enrich hedge fund managers.
- His stance on protecting the Consumer Financial Protection Bureau (CFPB), which Republicans in Congress continue to threaten.
- His work as a hedge fund manager and the extent to which he and his associates would benefit from President Trump’s tax cuts and other policies that favor the wealthy and big businesses.
“The Treasury Secretary must safeguard our financial system, ensure the fairness of our tax system, and expand economic opportunities for the middle class, not just help rich investors make more money,” concluded Senator Warren.
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