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Bessent Engages in Heated Exchange With Democrats During Hearing

  • On Wednesday, May 7, 2025, Treasury Secretary Scott Bessent faced rigorous questioning from Democratic lawmakers, including Rep. Nydia Velazquez, while testifying before the congressional panel overseeing financial services.
  • The hearing arose amid disputes over tariff negotiations with key trading partners, DOGE staff access to Treasury data, and failures in the government's payment system, highlighting ongoing controversies in economic policy and transparency.
  • Bessent defended moderation in tariff talks contrasting Navarro's aggressive stance, confirmed that some Treasury employees labeled as DOGE aides had only read-only access, and revealed that over one-third of Treasury payments lacked proper account symbols.
  • Rep. Maxine Waters called the trade war 'the dumbest trade war in history' and accused Bessent of allowing strangers access to sensitive data, but Bessent disputed these claims, asserting all were Treasury employees with limited access.
  • The hearing underscored tensions around Treasury oversight and economic strategy, with upcoming China tariff negotiations scheduled for Saturday and persistent concerns about internal security and accountability.
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OMFIF broke the news in on Wednesday, May 7, 2025.
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