Overview
- Treasury Secretary Scott Bessent told the House Financial Services Committee that key economic metrics support the administration’s case and that sanctions on Iran are a strategic success.
- On Tuesday he faced sharp questioning from House Democrats over rising consumer costs, record federal debt and higher Treasury yields that have unsettled markets.
- Bessent argued the U.S. dollar remains strong by pointing to rising dollar transaction volumes and said Treasury policy is restoring confidence in international finance.
- Lawmakers and witnesses noted concrete market strains: oil topped $100 a barrel, U.S. pump prices averaged about $4.32 per gallon, the federal debt passed $40 trillion and the 10-year Treasury briefly reached about 5%.
- The hearing was briefly disrupted by protesters calling for an end to sanctions on Iran, intensifying political scrutiny of Treasury’s recent market interventions and public messaging.