Treasury Secretary Scott Bessent testified before the House Financial Services Committee on 15 September, the day the 10-year Treasury yield held above 5% for the first time in nearly three years and the day before the Fed’s rate decision. Members pressed him on gasoline prices, on the strategic petroleum reserve, and on whether Treasury’s own intervention in the bond market had worked. He called the campaign against Iran “the greatest economic isolation campaign in the history of the world.”
Featuring:
Scott Bessent, Secretary of the Treasury
Rep. French Hill, Chairman, House Financial Services Committee
Rep. Maxine Waters, Ranking Member, House Financial Services Committee
and 31 further members of the House Financial Services Committee, in the order they questioned him below
Timestamps
0:00 Opening statement: Tax cuts and $325B in refunds
0:53 Manufacturing, and a 4% third quarter
1:23 “The greatest economic isolation campaign”
2:20 Hill: Suspicious activity report limits
4:19 Operation Economic Outcast, and workarounds
7:44 Waters: Beef, gas and the kitchen table
8:50 “Economic D-Day”, and markets that barely blinked
9:24 The 30-year at 2007 levels, the 10-year at 5%
11:28 “They all said stop it. AI is dangerous”
12:53 Huizenga: Covert foreign influence
16:16 The 3% deficit goal
18:06 Sherman: China at the World Bank and IMF
18:46 The 10-year from 4% to 5%, and the oil reserve
19:18 “No country won a war with a Bitcoin reserve”
20:33 The stablecoin loophole in the Clarity Act
22:35 Bessent: “That’s why I’m pushing the Clarity Act”
23:20 Fitzgerald: China’s opaque IMF lending
26:42 The fiscal consolidation he says is coming
27:36 Lynch: Does the president understand AI?
28:29 “He could not spell AI if I gave him a letter”
32:38 The Kimi breach that reached Anthropic
33:13 Garbarino: Foreign banking organisations
37:58 Pettersen: Jared Kushner’s business deals
40:45 Could taxpayer money pay January 6th defendants?
43:07 Lawler: Operation Economic Outcast and Iran
44:03 Three-hour gas lines in an oil-rich country
48:37 Green: What do you get for a meme coin?
49:28 $635 million made, $3.81 billion lost
50:53 “It is called a Ponzi scheme”
52:24 “I do not think it meets the criteria”
53:37 Flood: Third-party litigation financing
58:43 Cleaver: The $5,000 Trump dividend
1:00:03 Can he declare it without Congress?
1:03:59 Nunn: Rural lending in Iowa
1:07:32 “We cannot let the large labs capture the rules”
1:09:13 Himes: Bolivia and the IMF
1:11:31 Equity stakes in 39 companies
1:13:15 The $10 billion intervention, and yields rose
1:13:47 The counterfactual, and two record auctions
1:14:07 Would he use the General Fund?
1:15:05 Downing: State-based insurance regulation
1:20:25 Vargas: “Republicans win and you get $5,000”
1:21:21 Deficit or debt? No answer
1:24:08 “No blank check on liability”
1:25:23 Florida: Argentina and the swap line
1:27:41 Japan, the largest bondholder, and the yen
1:29:05 A Census poverty figure, released mid-hearing
1:30:05 Illinois: The Venezuelan asset sales
1:30:46 KPMG, and what the audit covers
1:31:37 “We have paid for that war many times over”
1:33:11 The agreement promised in February
1:35:13 Lucas: Market functioning during the buying
1:39:48 Gottheimer: The 10-year at 5%, mortgages at 7%
1:40:30 Deposit insurance frozen at $250,000
1:41:41 “45% of community banks gone since 2009”
1:43:11 Three dozen more sanctions on Iran’s airlines
1:44:37 Rose: Somaliland and market access
1:49:30 Pressley: A report promised under oath
1:51:30 “He said 4 to 5 weeks. It has been six months”
1:52:20 Utilities, health insurance, tariffs: Yes or no
1:54:07 Williams: Inflation and real wages
1:55:27 “I feel like an emergency room doctor”
1:59:19 Torres: The Hugging Face hack
2:00:20 Not one of 1,200 agents raised the alarm
2:02:26 “I got sick of hearing about the K-shaped economy”
2:03:30 Real wages up 0.5% since January 2025
2:04:28 McClain: The working families tax cuts
2:08:20 $15 billion in bitcoin from the Prince Group
2:09:41 Garcia: Gas up nearly 50% in six months
2:14:55 The chair: The investment screening regime
2:19:53 Williams: The K-shaped economy
2:21:09 Wage growth at 3.1%, slowest in five years
2:23:18 “So the Atlanta Fed is incorrect?”
2:24:29 Steil: The Clarity Act’s Senate vote
2:29:06 Foster: What grade on manufacturing?
2:30:51 “Congress’s pet PhD physicist”
2:31:46 The Mythos rollout, and who got early access
2:32:56 Stablecoin interest, and community banks
2:34:33 Kim: Trump accounts and the SEATS Act
2:39:37 The hearing is adjourned
#Bessent #Treasury #Iran #GasPrices #Inflation #YahooFinance
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