Secretary Scott K.H. Bessent addressed the United States House of Representatives Committee on Financial Services, discussing key aspects of the current administration's economic strategy and achievements. During his statement, he emphasized the importance of U.S. leadership in international institutions such as the IMF and World Bank, stating that "America First does not mean America Alone."
Bessent outlined several initiatives aimed at boosting U.S. economic growth, improving government efficiency, and targeting illicit actors threatening national security. He highlighted the Trump administration's core economic agenda focused on trade, tax cuts, and deregulation. According to Bessent, these policies are interconnected efforts designed to drive economic growth and domestic manufacturing.
In terms of job creation, Bessent noted that 464,000 new jobs were added within the first 100 days of the new administration, with over 177,000 jobs added in April alone—exceeding economists' predictions. He also mentioned progress in controlling inflation with a decline in energy goods prices and a reduction in the CPI for all items.
The Secretary discussed efforts to improve government efficiency by cutting $2 billion from the IRS IT budget without operational disruptions and reducing administrative costs associated with paper processing at the IRS.
Bessent also addressed national security measures through a maximum pressure campaign against violent cartels and terrorist networks. The Treasury has imposed civil penalties on organizations involved in money laundering along the Southern Border and leveraged sanctions against financial networks supporting terrorists and criminals globally.
He concluded by expressing optimism about future economic opportunities and stressed collaboration with Congress to make Trump tax cuts permanent for sustained growth.
