Treasury Secretary Defends Tariff Refunds, Battles Fraud and Fed Probe

Treasury Secretary Scott Bessent addressed concerns over potential refunds for President Donald Trumps emergency tariffs in a Reuters interview on Friday. He assured that the United States Treasury holds nearly seven hundred seventy four billion dollars in cash as of Thursday, more than enough to cover any refunds if the Supreme Court rules against the tariffs imposed under the International Emergency Economic Powers Act. Bessent noted that repayments would occur gradually over weeks, months, or even a year, not all at once. He doubted the court would side against Trump, calling any refunds a corporate boondoggle since companies like Costco, which sued the government, would unlikely pass savings to customers. Bessent disputed claims of high tariff pass through to consumers, stating it was very very little if any, and rejected links to inflation. On the fraud front, Bessent announced Treasury initiatives on January ninth to combat government benefits fraud in Minnesota, following detection of Somali fraudsters. These measures aim to prevent recipients of federal support funds from sending money overseas via remittances and strengthen the financial system to protect taxpayers. The Cato Institute criticized the move as building a legacy of financial surveillance and control, expanding Bank Secrecy Act oversight. Bessent expressed frustration over a criminal investigation into Federal Reserve Chair Jerome Powell, according to CNN sources on January thirteenth. He told associates he is unhappy with the Justice Department probe into Powells handling of a Federal Reserve building renovation, fearing it could unsettle markets and the global economy. Politico reports White House aides are freaked out about bond market risks, disrupting Bessents plans for a smooth Fed transition as Powells term ends in May. Republicans like Senator Thom Tillis voiced opposition, urging quick resolution to avoid political interference with Fed independence. Thank you listeners for tuning in, and please subscribe for more updates. This has been a quiet please production, for more check out quiet please dot ai. For more http://www.quietplease.ai Get the best deals https://amzn.to/3ODvOta This content was created in partnership and with the help of Artificial Intelligence AI.