Scott Bessant, President-elect's Treasury nominee, fired back at Sen. Sanders after he was repeatedly asked about Biden's “oligarchy” remarks.
President-elect Scott Bessant, President-elect Trump's nominee to lead the Treasury Department, sparred with Sen. Bernie Sanders over whether the United States is heading toward an oligarchy.
on wednesday President Biden said in his farewell speech In America, an oligarchy of tremendous wealth, power, and influence is emerging that threatens literally our entire democracy, our basic rights, our freedoms, and a fair chance for all to move forward.
In response, Sanders said he agreed with Biden and specifically called out tech giants Elon Musk, Jeff Bezos and Mark Zuckerberg at Besnett's confirmation hearing Thursday before the Senate Finance Committee.
“The three billionaires you mentioned have all made their own money,” Bessant said. Mr. Musk came to the country as an immigrant.
Meet Donald Trump's cabinet: Who has the president-elect chosen so far?
Scott Bessant, President-elect Trump's nominee for Treasury Secretary, testifies during his Senate Finance Committee confirmation hearing in the Dirksen Building on Thursday, Jan. 16, 2025. (Tom Williams/CQ-Roll Call, Inc. via Getty Images/Getty Images)
Sanders interrupted Basnet and repeated his question.
“Well, I should note that President Biden gave the Presidential Medal of Freedom to two people who I think would qualify as his oligarchs,” Bessant said.
Bessant's comment referred to billionaires George Soros and David Rubenstein, who received the award from Biden earlier this month. Basnet is a billionaire investment fund himselfused to work for Soros.
“This is not a condemnation of any individual,” Sanders said. “I'm just asking you, with so few people[with]so much wealth and power, do you think it's an oligarchic form of society?”
“Senator, I think it depends on the ability to raise and lower income,” Bessant said.
Trump tells EU to buy more US-made oil and gas or face “full-scale tariffs”
Sen. Bernie Sanders, I-Vt., speaks during a news conference at the U.S. Capitol in Washington, D.C., Oct. 6, 2021. (Stephanie Reynolds/Bloomberg via Getty Images/Getty Images)
Sanders interrupted Bessant again, finally before asking Bessant if the hedge fund billionaire would “cooperate with those of us who want to raise the federal minimum wage to a living wage to lift millions of Americans out of poverty.” Or not, he dropped the issue.”
“Senator, I believe the minimum wage is more of a state and local issue,” Bessant said.
“Don't you think we should change the federal minimum wage?” Sanders said. “We have $7.25 an hour.”
“No, sir,” Besnet replied.
Sanders is an outspoken advocate for raising the federal minimum wage and introduced legislation in 2023 that would raise it to $17 by 2028.
Sanders' home state of Vermont this month raised its minimum wage from $13.67 to $14.01 an hour. The federal minimum wage has remained at $7.25 since 2009.
Trump's Treasury Pick: Extending Trump's Tax Cuts 'Most Important Economic Issue'
Scott Bessant, President-elect Trump's nominee for Treasury Secretary, arrives to meet with Senator Mike Crapo of Idaho at the Dirksen Senate Office Building on December 10, 2024 in Washington, DC. (Anna Moneymaker/Getty Images/Getty Images)
Bessant discussed a range of policy issues with lawmakers on Thursday, including tariffs, tax cuts and sanctions against Russia.
Basnet said Extension of the Tax Cuts and Jobs Act of 2017 Trump's endorsement is crucial in his first administration. Many of the reforms in the measure are slated to sunset in 2025, Bessant said, but not extending the cuts would weaken the working and middle class.
Get FOX Business on the Move by clicking here
“This is the single most important economic issue of the day,” Bessant said.
“If we don't extend the extension, we're going to face an economic disaster. And as always with financial instability, it's going to hit the middle and working class.”