Bessent blasts Warren's 'sciolistic' letter about yen policy

Treasury Secretary Scott Bessent criticized Senator Elizabeth Warren for her lack of understanding regarding the Treasury Department’s joint currency intervention with Japan to support the yen. Bessent clarified that the intervention involved exchanging existing foreign-currency assets, not extending new credit or using appropriated funds, thus posing no risk of debt to Japan. He argued that intervening in disorderly yen markets is necessary to protect global markets and American borrowing costs.

• Treasury Secretary Scott Bessent responded to Sen. Elizabeth Warren’s criticisms of a joint currency intervention with Japan.
• Warren had questioned the use of the Exchange Stabilization Fund (ESF) and the justification for the intervention, demanding details on taxpayer funds spent.
• Bessent stated that the intervention involved exchanging existing foreign-currency assets for yen, not extending new credit or using appropriated funds.
• He argued that disorderly yen markets could harm global markets and increase borrowing costs for Americans.
• Warren retorted by referencing Bessent’s involvement in Iran and criticized the intervention’s perceived ineffectiveness.