Washington, June 5, (IANS) US Treasury Secretary Scott Bessent on Thursday vigorously defended President Donald Trump’s economic agenda during a contentious House Ways and Means Committee hearing, rejecting Democratic criticism over inflation, tariffs and the administration’s handling of the economy. Appearing before the committee to discuss the administration’s 2027 budget, Bessent argued that Trump’s tax, trade and deregulation policies were delivering benefits to working Americans, while Demo…
Latest US Treasury Secretary Scott Bessent News & Updates
Washington, May 29 (IANS) Nearly 2,000 vessels are waiting to leave the Gulf amid disruptions linked to tensions around the Strait of Hormuz, US Treasury Secretary Scott Bessent said.The disclosure by a top Trump’s Cabinet member offers a rare glimpse into the scale of the shipping backlog that has developed around the strategic waterway, through which a significant portion of the world’s oil and liquefied natural gas exports normally pass.”There are almost 2,000 ships waiting to come out of t…
Washington, April 23 (IANS) US Treasury Secretary Scott Bessent rejected claims that Iran has gained financially from sanctions relief, telling lawmakers the estimates were inaccurate and overstated.Testifying before a Senate panel, Bessent dismissed assertions that Tehran had received billions in additional revenue during the ongoing conflict.“The $14 billion is a myth,” he said, pushing back against criticism from lawmakers.The exchange came during questioning by Chris Coons, who argued th…
Washington, March 7 (IANS) US Treasury Secretary Scott Bessent indicated that Washington could temporarily ease some restrictions on Russian oil supplies and allow India to continue purchasing to stabilize global energy markets during the ongoing Middle East conflict.In an interview with Fox Business, Bessent said the United States had already allowed India some flexibility as global supply disruptions pushed prices higher.“The Indians had been very good actors. We had asked them to stop buyin…
Washington, Feb 6 (IANS) Artificial intelligence has emerged as a priority risk for the US financial system, with Treasury Secretary Scott Bessent telling Congress that regulators are stepping up oversight of how AI is used across markets and institutions.Testifying before the Senate Banking Committee, Bessent said AI is one of four focus areas in the Financial Stability Oversight Council’s 2025 annual report. “The council is prioritizing the responsible use of artificial intelligence to str…
Washington, Jan 16 (IANS) The International Monetary Fund said it would assess Japan’s external sector, including exchange rate issues, during its upcoming Article IV consultation mission, while declining to comment on “day-to-day market movements” in the yen.“We will actually be starting the Article IV Consultation mission with Japan next week,” Julie Kozack, Director of the IMF’s Communications Department, said at the Fund’s press briefing.“The Article IV mission will take plac…
Washington, Jan 14 (IANS) Eminent American trade and strategic advocacy group the US–India Strategic Partnership Forum welcomed India’s participation in the Finance Ministerial on Securing Critical Minerals Supply Chains in Washington, calling it an important step in strengthening US–India cooperation in a critical strategic sector.India was represented at the meeting by Ashwini Vaishnaw, Minister for Railways, Information and Broadcasting, and Electronics and Information Technology. The m…