Treasury Secretary Scott Bessent testified before both the House Financial Services Committee and the Senate Committee on Banking, Housing, and Urban Affairs on February 4 and 5, 2026, respectively. The hearings primarily focused on the annual report from the Financial Stability Oversight Council (FSOC), which is tasked with monitoring the stability of U.S. financial systems. Both appearances were marked by numerous contentious exchanges between the Secretary and members of Congress.
House Financial Services Committee Hearing (February 4, 2026)
During his appearance before the House Financial Services Committee, discussions often included heated exchanges.
Representative Maxine Waters (D-California) questioned Secretary Bessent regarding President Donald Trump's tariffs, specifically those impacting home building goods. During this exchange, Congresswoman Waters requested to "reclaim her time" as Secretary Bessent continued speaking.
Representative Stephen Lynch (D-Massachusetts) questioned Secretary Bessent about a reported slowdown in corporate investigations. Secretary Bessent's attempt to attribute blame to the Biden administration was interrupted by Congressman Lynch, who appealed to Chairman Rep. French Hill (R-Arkansas) for order.
A discussion between Representative Joyce Beatty (D-Ohio) and Secretary Bessent concerned the Treasury's potential use of the Community Development Financial Institutions (CDFI) Fund for housing projects. Congresswoman Beatty pressed for a direct "yes or no" answer, to which Secretary Bessent responded:
"Uh, number three," without providing a direct affirmation or denial.
Representative Gregory Meeks (D-New York) inquired if Secretary Bessent would halt and investigate the licensing application of President Trump's cryptocurrency firm, which reportedly sold a $500 million stake to a member of the Emirati royal family shortly before Trump's inauguration. Secretary Bessent stated the overseeing agency is independent and subsequently questioned Congressman Meeks about a reported 2006 trip to Venezuela, prompting a vocal response from Congressman Meeks.
Chairman Rep. French Hill intervened multiple times during the hearing to remind participants of House rules of decorum and to ensure members were afforded their allotted time. Following some exchanges, Republican Rep. Andy Barr (R-Kentucky) apologized to Secretary Bessent, attributing the hearing's tone to "Trump derangement syndrome." Democratic Representatives Emanuel Cleaver (D-Missouri) and Juan Vargas (D-California) expressed criticism regarding the overall tone and conduct of the hearing, with Congressman Vargas stating he would forgo his planned questions due to the displayed behavior.
Senate Committee on Banking, Housing, and Urban Affairs Hearing (February 5, 2026)
Secretary Bessent's testimony before the Senate committee also featured contentious interactions.
Senator Elizabeth Warren (D-Massachusetts) questioned Secretary Bessent regarding Kevin Warsh, President Donald Trump's nominee for Fed chair. Secretary Bessent declined to commit that Warsh would not face legal action or investigation if interest rates were not reduced as the president demands, stating the decision rested with the president. He also made a comment concerning a presidential joke about Senator Warren.
Senator Andy Kim (D-New Jersey) inquired about potential connections between Binance founder Changpeng Zhao, whose pardon by President Trump was questioned, and World Liberty Financial, a cryptocurrency company launched by Trump's sons. Secretary Bessent stated he was unfamiliar with any such connections.
Senator Chris Van Hollen (D-Maryland) addressed Secretary Bessent's previous comments suggesting Alex Pretti, an ICU nurse killed by federal law enforcement, was culpable in his own death. Secretary Bessent refused to retract these comments and, in turn, asked Senator Van Hollen if he would express remorse over the death of Ashli Babbitt. Senator Tina Smith (D-Minnesota) described Secretary Bessent's comments blaming Pretti for his death as:
"reprehensible."
Senator Jack Reed (D-Rhode Island) characterized Secretary Bessent's behavior toward some colleagues as:
"childish."
Related Context
In related developments, Republican Senator Thom Tillis (R-North Carolina) reiterated his criticism of the White House's ongoing investigation into Federal Reserve Chair Jerome Powell. The Justice Department is investigating Powell's testimony to the Banking Committee concerning cost overruns on a Treasury office renovation project. Senator Tillis stated that a majority of his committee colleagues did not believe a crime had been committed in this matter.