Tag Archives: Treasury Secretary Scott Bessent

Doing Things Legally Has Value

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On Friday, Fox Business posted an article about the efforts being made to insure that federal benefits designed to help Americans go to Americans. If charitable groups want to help people who are here illegally, they are welcome to–but not with American taxpayer dollars.

The article reports:

Treasury Secretary Scott Bessent said Friday his department is working to cut off federal benefits to illegal immigrants at the direction of President Donald Trump.

Bessent wrote in a post on X that “we are working to cut off federal benefits to illegal aliens and preserve them for U.S. Citizens.”

He said the Treasury “announced that it will issue proposed regulations clarifying that the refunded portions of certain individual income tax benefits are no longer available to illegal and other non-qualified aliens, covering the Earned Income Tax Credit, the Additional Child Tax Credit, the American Opportunity Tax Credit, and the Saver’s Match Credit.”

Bessent’s post alluded to an announcement made by the Treasury Department last week that it will propose new regulations clarifying that refundable portions of those tax credits are “federal public benefits” that illegal immigrants and nonqualified aliens aren’t entitled to receive.

The article also reports:

The Treasury’s Financial Crimes Enforcement Network (FinCEN) announced Friday that it is issuing an alert to financial institutions to prevent illegal aliens from exploiting the U.S. financial system by moving illicitly obtained funds.

The announcement notes that money services businesses (MSBs) are generally required to file a suspicious activity report for a transaction that involves at least $2,000 and that the MSBs know, suspect or have reason to suspect is relevant to a possible legal or regulatory violation.

America should not be a country where people enter illegally in order to receive free stuff. Nor should it be a clearing house for money earned through illegal activities. One way to go after the cartels is through the money laundering they engage in to hide their profits in drug running and human trafficking.

Stopping An Unnecessary Drain On America’s Finances

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On Thursday, Breitbart posted an article about a new regulation being put in place by the U.S. Treasury Department that will potentially save taxpayers anywhere from $870 million to $1.6 billion.

The article reports:

President Donald Trump’s Treasury Department will issue a new rule that prevents illegal aliens and foreign nationals from securing income tax credits such as the lucrative Earned Income Tax Credit and Additional Child Tax Credit, Breitbart News has exclusively learned.

On Thursday, Treasury Secretary Scott Bessent said the agency would issue new regulations regarding who is eligible for such income tax credits under the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA).

“Under President Trump’s leadership, we are enforcing the law and preventing illegal aliens from claiming tax benefits intended for American citizens,” Bessent told Breitbart News.

In particular, the rule will clarify that refunded portions of the Earned Income Tax Credit, the Additional Child Tax Credit, the American Opportunity Tax Credit, and the Saver’s Match Credit are federal public benefits and, therefore, illegal aliens and other foreign nationals will not be eligible to receive such benefits.

…The rule comes after the Department of Justice’s Office of Legal Counsel released an opinion on the matter that interprets income tax credits as federal public benefits, thus making illegal aliens ineligible.

The article concludes:

Researchers estimate that illegal aliens given Social Security Numbers likely enjoy $2.9 billion in cash payments — $2 billion deriving from the Earned Income Tax Credit and about $890 million from the Additional Child Tax Credit.

Likewise, illegal aliens with Individual Taxpayer Identification Numbers are estimated to receive anywhere from $870 million to $1.6 billion in Additional Child Tax Credit payments.

The Treasury Department rule is set to take effect for the 2026 tax year.

America has an economic safety net for Americans. We cannot afford to have an economic safety net for the world.

Rebuking The Lies

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On Sunday, The Gateway Pundit posted an article about an interview of Treasury Secretary Scott Bessent on ABC’s This Week.

The article contains text of some of the interview:

Martha Raddatz:
And today is day 26. I know you have been over there, but there has been a government shutdown here. People are suffering. Federal employees are starting to go to food banks. Any light at the end of the tunnel on that? Should the President be meeting with Democrats again?

Scott Bessent:
What good does it do, Martha? They’ve dug in. The American people are hostage to Chuck Schumer and Hakeem Jeffries’ poll numbers. Because what’s changed between now and the last time there was a clean continuing resolution is Chuck Schumer has tanked in the polls. Both of the two guys from Brooklyn, as I call them, are worried about being primaried from the left.

The article notes:

Bessent went on to remind viewers that Republicans have voted 11 times to reopen the government, while Democrats, led by Schumer and Jeffries, continue to hold the nation hostage for political gain.

The transcript continues:

Because, Martha, what I can tell you is—we managed to find the money in the middle of October to pay our brave service members, and I think we’ll be able to do it on November 1st. But we’re going to be out of money on November 15th, and for our military not to get paid is a disgrace.

The other thing that’s happening is this is starting to eat into the economy—starting to slow the economy—and we’re also starting to see there’s a problem with air traffic control. So it’s beginning to slow down our nation’s travel.

…Martha Raddatz:
But Secretary Bessent, I should add that the President’s party—your party—controls the White House and both chambers of Congress. You don’t think you bear any responsibility for this?

Scott Bessent:
Martha, what can we do? What can we do for this desperate act? We can call on them to change their minds. Because I can tell you—the $1.5 trillion in spending that they’re calling for—that’s not on the table.

We inherited a mess. We inherited the worst budget deficit-to-GDP ratio when we weren’t in a recession and we weren’t at war. It was 6.4%, 6.5%. We’ve managed to bring that down to 5.9%, and we’re not going to let them be irresponsible with the budget again.

I wonder if Scott Bessent will be invited on the show again! He may be punished for telling the truth!

I Have Mixed Emotions About This

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There has not yet been a successful move to stop insider trading by Congress. That might have something to do with the fact that Congress is the one passing the laws. However, someone with great entrepreneurial tendencies has come up with an idea to level the playing field. I’m really sorry I missed this when it was first reported.

On August 28, The Daily Caller reported the following:

When Treasury Secretary Scott Bessent declared that politicians’ stock returns would make “every hedge fund jealous,” he highlighted one of Washington’s worst-kept secrets: lawmakers such as Nancy Pelosi consistently beat the market using information ordinary Americans could never have access to.

Now, as Congress debates banning itself from stock trading, a new company called dub Advisors is pulling back the curtain on political stock portfolios. dub Advisors allows everyday investors to track, and copy, how politicians trade via the dub copy-trading platform, founded by 23-year-old Harvard dropout Steven Wang. The dub platform functions as marketplace for copying investment strategies built by others, including those built by dub Advisors, dub’s affiliated Registered Investment Advisor. dub Advisors is one of numerous creators that operate investment strategies on the platform, specializing in translating complex trades of public figures (such as Pelosi’s Nvidia options) into strategies that can be easily copied by the average American.

The dub platform arrives amid explosive revelations about congressional trading. Senator Josh Hawley’s “PELOSI Act,” named after former House Speaker Nancy Pelosi, seeks to ban lawmakers from trading individual stocks entirely. The bill has gained momentum after President Trump told Time magazine he would “absolutely” sign such legislation, adding, “I watched Nancy Pelosi get rich through insider information.”

These aren’t baseless accusations. Politicians are required to disclose their trades under the STOCK Act, and analysis of these filings reveals patterns that raise eyebrows. Members of Congress routinely make well-timed trades before major legislative announcements, regulatory changes, or economic briefings that move markets.

The article notes:

As inflation erodes savings and traditional retirement security crumbles—the Senior Citizens League reports Social Security benefits lost 20% of purchasing power from 2010 to 2024—Americans need every advantage available.

“A decade from now, instead of picking stocks, we’ll be picking people to invest in,” predicts Wang. Until Congress finally bans its own trading, companies like dub ensure that the insider information that made politicians successful at trading is made available to all Americans.

The establishment may not like this transparency, but in a true free market, information demands to be free – and the 1.3 million Americans who have downloaded dub agree as they copy-trade their way towards their financial goals.

This is not a advertisement for or an endorsement of a product. It is just a salute to some very smart entrepreneurs.

A Statement That Makes The Deep State Tremble

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The Federal Reserve is a misnamed sketchy operation. There is a book and a YouTube video called “The Creature From Jekyll Island” that explains the dirty tricks involved in the creation of the Federal Reserve and its true purpose. The Federal Reserve is neither federal nor a reserve. Auditing the fed is a really good idea that the fed has avoided for years.

On Monday, Hot Air posted an article quoting CNBC:

Treasury Secretary Scott Bessent on Monday suggested a review of the Federal Reserve that would go beyond the current controversy over building renovations and look at its overall function.

“What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Bessent said during an interview on CNBC’s “Squawk Box.” “Has the organization succeeded in its mission? If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why has this happened.”

The article also quotes Senator Rand Paul:

Dr. Rand Paul (R-KY) has reintroduced the Federal Reserve Transparency Act, famously known as “Audit the Fed” legislation to require a full audit of the Federal Reserve’s operations and increase congressional oversight of its decision-making. In conjunction with the bill’s reintroduction, Senator Paul also released the latest edition of his Waste Report, which exposed the Federal Reserve’s $600 million cost overrun on renovations to its Washington, D.C. headquarters—now projected to cost taxpayers $2.5 billion in total. The report underscores the lack of transparency and accountability at the Fed, which remains exempt from a full audit by Congress or the Government Accountability Office.

“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Dr. Paul. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”

“It is Congress’ duty to hold the Fed accountable,” said Senator Marsha Blackburn (R-TN). “For too long, the Federal Reserve has operated behind closed doors while making decisions that impact the American economy. Throughout my service in Congress, I have worked to audit the Fed, and this legislation is necessary to shine a light on the Fed’s operations and provide transparency to Congress and American taxpayers.”

The year 1913 was a horrible year for the Democratic Republic of America. That year gave us the federal income tax, the federal reserve, and the direct election of U.S. Senators. All three of those things need to go away.

One Of Many Problems With Government Spending

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On Tuesday, Red State posted an article that might explain how some of the government’s run-away spending comes to pass.

The article reports:

I didn’t have an opportunity to watch Treasury Secretary Scott Bessent’s testimony before the House Appropriations Financial Services and General Government Subcommittee oversight hearing live. But looking back over some of the key moments, one was particularly jaw-dropping:

According to Bessent, over one-third of the 1.5 billion payments issued by the Treasury Department in the past year cannot be traced back to a corresponding appropriation. That’s 500 million payments (not dollars — individual disbursements) that cannot readily be matched for auditing or accountability purposes. 

The article concludes:

Of course we’re drowning in debt: We’ve got elected representatives who spend like drunken sailors — enabled by a Treasury Department intent on shoveling money out the door willy-nilly. Thank God President Trump and DOGE and grown-ups like Sec. Bessent are at least attempting to bring some order and accountability to bear.

Every day gives us another reason to be glad that we elected a businessman instead of a politician to be President. The government has gone so far from good business practices that it is amazing we have not yet gone completely broke. The payments that cannot be traced back to a corresponding appropriation like add up to billions of dollars. It’s time to spend taxpayers’ money wisely. Obviously that is not happening right now.

Protecting The Pocketbook Of The American Taxpayer

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On Saturday, Zero Hedge posted an article about Elon Musk’s efforts to cut government spending. David A. Lebryk, the acting Secretary of the Treasury has retired after refusing Elon Musk access to Treasury Department records.

The article reports:

David A. Lebryk, a decades-long Treasury official who President Trump named as acting secretary upon taking office last week, announced his retirement in a Friday email to colleagues. According to the report, Lebryk had a dispute with Musk surrogates over access to the US government’s payment system used to disburse trillions of dollars every year.

[Imagine Musk and team uncover decades of improper payments and shady dealings?]

The Musk surrogates are affiliated with the Department of Government Efficiency (DOGE), and have been asking since the election for access to the system, according to the report. The requests were reiterated after Trump’s inauguration.

After Trump pick Scott Bessent was confirmed as Treasury Secretary on Monday, Lebryk ceased to be acting agency head.

The payment system in question is run by a handful of career officials within the Bureau of the Fiscal Service – which controls the flow of more than $6 trillion annually to households, businesses, and other entities nationwide – and includes Social Security, Medicare, federal salaries, payments to government contractors, tax refunds, grant recipients, and more.

…Unfortunately for the career bureaucrats, Trump signed an executive order instructing all agencies to ensure DOGE has “full and prompt access to all unclassified agency records, software systems, and IT systems,” which appear to include the Treasury payment systems.

Musk has previously slammed rising national debt as an existential threat to the country, while DOGE has already made progress in rooting out bullshit programs established by Democrat administrations.

On Saturday, The New York Times reported:

Treasury Secretary Scott Bessent gave representatives of the so-called Department of Government Efficiency full access to the federal payment system late on Friday, according to three people familiar with the change, handing Elon Musk and the team he is leading a powerful tool to monitor and potentially limit government spending.

The new authority follows a standoff this week with a top Treasury official who had resisted allowing Mr. Musk’s lieutenants into the department’s payment system, which sends out money on behalf of the entire federal government. The official, a career civil servant named David Lebryk, was put on leave and then suddenly retired on Friday after the dispute, according to people familiar with his exit.

This is what America voted for.