Treasury Secretary Scott Bessent testified before the Senate Finance Committee and the House Ways and Means Committee on June 3 and 4, 2026, respectively. This was his first appearance before these panels since the One Big Beautiful Bill Act was signed into law in July 2025.
During the hearings, Bessent addressed questions regarding rising inflation, a recent immunity deal involving President Donald Trump and the IRS, and the appointment of Bill Pulte as acting director of national intelligence. Republicans highlighted the tax cuts legislation passed the previous year.
Bessent faced criticism from Democrats regarding inflation, which has been rising in recent months, particularly due to energy price increases linked to the conflict with Iran. He noted that inflation rates were lower during Trump's second term compared to recent figures, suggesting that the current inflation might be temporary.
Consumer sentiment has reportedly fallen to a record low, with the University of Michigan Consumer Sentiment Index indicating a drop to 44.8 in May from 49.8 in April.
Bessent also addressed the IRS deal involving Trump, stating he could not comment on ongoing litigation related to the matter. Additionally, he responded to inquiries about Pulte, confirming past conflicts between them.
Republicans used the hearings to promote the benefits of the One Big Beautiful Bill Act, which they claim has led to increased tax refunds and prevented significant tax hikes for many families. Bessent emphasized that the tax plan was crucial in avoiding a substantial tax increase for millions of Americans.
