Bessent Fires Back at Warren Over Yen Intervention

Treasury Secretary Scott Bessent fired back at Democratic Massachusetts Sen. Elizabeth Warren after she criticized the U.S. operation propping up the Japanese yen.

Bessent's letter to Warren, dated August 27, explained that no new congressional appropriation was involved and no credit was extended to Japan, dispelling concerns that American taxpayers would ultimately bear the cost if Japan were unable to repay the Department of the Treasury.

Warren had warned in her letter on August 13 that 'American taxpayers would ultimately bear the cost if Japan were unable to repay the Department of the Treasury.' Bessent clarified that there is 'no risk that Japan will fail to repay a debt that does not exist.'

Bessent also took aim at the media, stating that '[n]ot a single member of the media mob has a rudimentary-enough level of financial market literacy to spot her remedial error.' He suggested that Warren and her staff 'take any entry-level course in international finance'.