Scott Bessent

Overseeing the Iran designations campaign

For three years, the US Treasury's sanctions list grew mainly in one direction: Russia. Since April 2025 that has flipped. Treasury has added 1,574 names under Iran programmes and 51 under Russia programmes, according to a compilation of every OFAC list-change file published through November 6, 2026.

Updated Yesterday

Announced weekly expansion of Iran sanctions under Operation Economic Outcast

President Donald Trump said on Nov. 10 there was a 'good chance' of a deal with Iran and that the US would not launch a new offensive for now. Secretary of State Marco Rubio said sanctions were working so well that major combat operations were unnecessary, though he warned Iran against crossing 'red lines.'

Updated Yesterday

Active

China's trade surplus passed $1 trillion for a second straight year, reaching $1.04 trillion in the first 10 months of 2026. October exports rose 35.2% from a year earlier, led by AI hardware, while imports jumped 41.6%.

Updated Yesterday

In office

The Financial Crimes Enforcement Network ordered U.S. financial institutions on November 6 to stop sending or receiving funds to MEXC Global, a Seychelles-based crypto exchange. FinCEN says the platform moved at least $16 billion tied to sanctions evasion and cybercrime between May 2021 and May 2026.

Updated Yesterday

Announced sanctions on Iranian officials

Iran's December 2025 uprising was crushed at enormous cost. The Human Rights Activists News Agency (HRANA) verified 7,007 deaths in its February 23 report, including 6,488 adult protesters and 236 children.

Updated 2 days ago

In office

The U.S. Treasury blocked eight money services businesses in Canada from the dollar financial system on November 6. Treasury says the firms exchanged Iranian rials for cryptocurrency and moved money for sanctioned Iranian entities, including the Islamic Revolutionary Guard Corps.

Updated 4 days ago

Serving

At the end of September 2026, the federal government owed the public about $32.4 trillion. Over the same 12 months, the economy produced roughly $32.2 trillion, so the debt was larger than the economy for the first time since 1946.

Updated 5 days ago

Released the official FY 2026 budget tally on October 16 and announced the November refunding plan on November 5.

The federal government ran a $1.992 trillion budget deficit in fiscal year 2026, the Treasury Department confirmed on October 16. It is the third-largest deficit in American history, behind only the two COVID-19 pandemic years, and the largest ever recorded outside a war or recession.

Updated 5 days ago

Running Operation Economic Outcast through the fall, including the November 4 designation of the Sharma false-flag network

Treasury's December 2025 designation of 29 tankers fed into a war. The U.S. and Israel launched Operation Epic Fury on February 28, 2026, and a June 17 memorandum signed at the G7 briefly reopened Iran's oil trade under General License X. That relief died on July 17, when the license's wind-down expired after IRGC attacks on three tankers.

Updated 6 days ago

Announced an 'economic D-Day' list of 60 individuals, entities and vessels in late August, then held off on significant secondary sanctions, including on Chinese financial firms

Iran said on November 2 that it could reopen the Strait of Hormuz within two days and restart nuclear talks, shortening a plan it had earlier said would take a week. The offer kept its conditions: the US must lift sanctions on Iranian oil, accept a ceasefire that covers Lebanon, and let ships use a route agreed with Oman under Iranian supervision.

Updated 6 days ago

Announced the October 28 designations

The US Treasury sanctioned Rwanda's defence ministry and Zigama Credit and Savings Society, the bank that handles payments for the country's security services, on October 28. Treasury says the ministry sent thousands of troops into eastern Congo to fight alongside the M23 rebel group.

Updated Nov 3

In office; announced the enforcement actions

Bank of America recorded a $1.2 billion non-tax-deductible charge in the third quarter for the penalties Treasury announced October 13. In its quarterly filing on October 30, the bank said it has completed major steps under a December 2024 order to fix its anti-money-laundering program and has added staff and technology since late 2023.

Updated Nov 1

Announced the sanctions

A one-month US license that let Iranian airlines fly to Iraq's Najaf, capped at 40 flights a day and excluding Mahan Air, expired on October 28. No renewal had been announced as of November 4, and most of Iran's other foreign routes remain shut.

Updated Nov 1

Active in trade negotiations

In February 2026, President Donald Trump cut tariffs on Indian goods from 50% to 18% after Prime Minister Narendra Modi said India would stop buying Russian oil, and India put $500 billion of US energy, aircraft and technology purchases on the table over five years. No binding agreement has been signed. The US Supreme Court then struck down the reciprocal tariff regime that the 18% rate rested on, leaving duties on Indian exports unsettled.

Updated Oct 31

Fed chair search concluded with Kevin Warsh selected as Trump's nominee

The Federal Reserve held its benchmark rate at 3.75% to 4.00% on October 28. Two officials dissented in favor of another quarter-point hike. Chair Kevin Warsh said inflation is still too high, though he called financial conditions tighter rather than tight.

Updated Oct 31

Reportedly pressed BOJ for faster normalization

The Bank of Japan held its benchmark rate at 1.25% on October 30, by an 8-1 vote. Board member Hajime Takata dissented, wanting a hike to 1.5%.

Updated Oct 30

Oversaw the general license easing diesel sanctions

The first Russian diesel cargo under Trump's deal is at sea. The tanker Agioi Fanendes left Primorsk on October 22 with about 40,000 metric tons, roughly 298,000 barrels, and lists New York as its destination, with arrival expected in early November.

Updated Oct 27

Lead U.S. negotiator on China trade; announced September 2026 truce extension

President Trump and President Xi Jinping moved their countries from tariff war to summit diplomacy in 2026. After a phone call in February, Trump traveled to Beijing in May for the first U.S. presidential visit to China since 2017. The two sides agreed to a 'constructive China-U.S. relationship of strategic stability,' a framework Beijing said would guide relations for three years.

Updated Oct 23

Defending Trump's Greenland approach at Davos

The United States has operated military bases in Greenland since 1941, under agreements with Denmark. On January 15, 2026, NATO allies deployed troops to the island to counter U.S. pressure after American-Danish talks collapsed. On January 17, President Trump announced 10% tariffs on eight European countries: Denmark, Finland, France, Germany, the Netherlands, Norway, Sweden, and the United Kingdom. The tariffs will rise to 25% by June unless 'a deal is reached for the Complete and Total purchase of Greenland.' On January 20, Trump declared on Truth Social that 'there can be no going back' on Greenland, calling it 'imperative for National and World Security.' That same day, Denmark deployed its Army Chief, General Peter Boysen, alongside 58 additional troops to Greenland, bringing total Danish military presence to approximately 178 personnel for Operation Arctic Endurance.

Updated Oct 23

Leading Operation Economic Outcast

The US Treasury on October 15 sanctioned an Iraqi bank that it says channeled US dollars to Iran. The International Development Bank for Investment and Finance (IDB) collected monthly profits in US currency and sent them to Tehran, according to the department.

Updated Oct 19

Five-day window to declare the diesel tax deferral expired October 10; no determination or IRS penalty waiver announced as of October 18

Truckers and farmers can burn tax-exempt "red dye" diesel on public highways through the end of the year under an executive order Trump signed October 5 in Grand Island, Nebraska. The order defers the 24.3-cent-per-gallon federal excise tax on that fuel through December 31, with no interest or penalties.

Updated Oct 18

As of October 2026: Intervening to slow the bond selloff

The 30-year Treasury yield has climbed above 5.6%, the highest since 2002. On October 1 it hit 5.67%, its highest since April 2002. The 10-year yield is near 5.25%, its highest since 2007.

Updated Oct 5

As of October 2026: Called buybacks successful before the House Financial Services Committee on Sept. 15; the 10-year yield hit 5.041% that day. The second $6 billion operation accepted $4.08 billion, below its cap, and the 30-year yield hit 5.474%, the highest since June 2004, on Sept. 24.

Treasury accepted $4.08 billion of 20- to 30-year bonds on Sept. 24, below the $6 billion cap, even after investors offered $10.47 billion. The 30-year yield then touched 5.474%, its highest since June 2004, and the 10-year reached 5.18%.

Updated Oct 4

As of October 2026: Announced the two-month trade truce extension during summit week; the extension runs through January 10, 2027

Chinese President Xi Jinping wrapped up his first state visit to Washington in more than a decade with a handshake on tariffs. The United States and China agreed on $30 billion of reciprocal tariff cuts in each direction and a formal dialogue on artificial intelligence.

Updated Oct 3

As of September 2026: Leading enforcement of secondary sanctions on Iran's aviation sector

On Thursday, the UAE suspended all flights by Iranian airlines to and from the country. The decision closes Dubai — the Gulf's biggest travel hub, with multiple daily Iran flights and a large Iranian community — to Iranian carriers.

Updated Sep 25

As of September 2026: Oversaw the rollback of beneficial ownership reporting

Beginning in January 2024, nearly every U.S. business had to tell the federal government who owned it. On August 14, 2026, that obligation ended for domestic companies and U.S. individuals.

Updated Sep 20

As of September 2026: Announced the sanctions on Xinbi Guarantee

The U.S. Treasury designated Xinbi Guarantee, a Chinese-language online marketplace, as a transnational criminal organization on September 9. The platform has processed more than $24 billion in digital assets since 2022, and the Justice Department seized its infrastructure the same day.

Updated Sep 10

As of September 2026: Running an expanded buyback program; says it could grow further

Treasury Secretary Scott Bessent's $6 billion bond buyback failed to cool the market again Thursday. The 10-year Treasury yield eased to 4.69%, barely below Wednesday's spike to 4.85%, and a $39 billion auction of 10-year notes cleared at 4.834%, the highest since 2007.

Updated Sep 10

As of September 2026: Leading the administration's push to tie tax-exempt status to anti-discrimination compliance

The Treasury Department proposed a rule on September 3 that would end federal tax-exempt status for private schools and colleges that give students any benefit based on race. The Internal Revenue Service estimates 18,000 institutions could be affected, along with 750,000 students holding race-based scholarships.

Updated Sep 7

As of September 2026: Architect of Operation Economic Outcast

The Treasury cut Golden Global Bank off from the US financial system on September 4, blocking dollar transactions and freezing US-based assets. It is the first time Operation Economic Outcast, Washington's renewed pressure campaign against Iran, has targeted a bank in a NATO ally. Treasury Secretary Scott Bessent said the European Union has joined the operation and warned more banks would face the same treatment.

Updated Sep 6

As of July 2026: Leading Trump Accounts rollout and national tour; oversaw July 4 launch

The program launched July 4, 2026, opening for contributions on America's 250th birthday. Treasury deposited $1,000 into 1.4 million eligible accounts, committing $1.4 billion in total; 6 million children are now enrolled.

Updated Jul 7

As of July 2026: Leading the sanctions modernization push

The U.S. keeps a list of people, companies, and ships that American banks are barred from touching. It now holds more than 17,000 names. On July 2, the Treasury's Office of Foreign Assets Control (OFAC) struck 76 of them off.

Updated Jul 2

As of July 2026: Leading Treasury's sanctions campaign against Mexican cartels

On June 30, the U.S. Treasury froze the American assets of two Mexican men and nine companies, accusing them of funneling tens of millions of dollars a year to Mexico's most powerful cartel through a fuel-smuggling ring. Mexico's financial intelligence unit moved the same day, blocking 20 entities: the 11 OFAC targets plus nine additional people and firms it identified on its own.

Updated Jul 1

As of May 2026: Tasked with implementing TrumpIRA.gov and Saver's Match guidance

In January 2027, the federal government will start depositing up to $1,000 a year into the retirement accounts of lower-income workers. There is a problem: roughly 27 million of the workers who qualify do not have an account to put it in.

Updated May 31

As of May 2026: Swap line discussions advancing as Fed chair nominee Warsh signals executive-branch influence over Fed's international policy role

The United Arab Emirates joined OPEC in 1967, when crude sold for under $2 a barrel. On May 1, 2026, after fifty-nine years, it walks out—taking roughly 13% of OPEC's production capacity, according to the International Energy Agency.

Updated May 31

As of May 2026: Co-convened emergency meeting with bank chief executives over Mythos risks

An AI model that can find software flaws no human has caught in nearly three decades has triggered a coordinated response from central banks across the Western world. Anthropic's Claude Mythos Preview discovered thousands of previously unknown vulnerabilities in every major operating system and web browser, prompting Treasury and Federal Reserve to summon Wall Street executives to Washington on April 8. By April 11, the Bank of England, Bank of Canada, and their respective financial regulators had convened or scheduled their own emergency sessions with banks.

Updated May 31

As of May 2026: Absorbing student loan operations into Treasury

The federal government has managed student loans from the same place for decades: the Education Department's Federal Student Aid office. On March 19, the Treasury Department began absorbing that function.

Updated May 30

As of May 2026: Serving as 79th Treasury Secretary

John Hurley served eight months as the Treasury Department's chief sanctions enforcer before resigning amid friction with Secretary Scott Bessent. His February 25 departure followed months of internal clashes over sanctions aggressiveness and a specific dispute regarding federal surveillance of financial transactions involving Minnesota's Somali community, to which Hurley objected on data-privacy grounds.

Updated May 29

As of May 2026: Serving as Treasury Secretary since January 2025

Treasury Secretary Scott Bessent's February 2026 congressional testimony tested norms of Treasury oversight: two days of shouting matches with House Democrats (Maxine Waters asking to 'shut him up,' Gregory Meeks calling him a 'flunky'), followed by heated Senate Banking Committee exchanges where Democratic Senator Jack Reed called his conduct 'childish' and Senator Elizabeth Warren pressed him on whether Fed nominee Kevin Warsh would face investigations if interest rates aren't cut as Trump demands. Bessent refused to clarify, prompting Warren to call the situation 'an even taller steaming pile of corruption.'

Updated May 27

As of May 2026: Balancing sanctions enforcement with short‑term relief measures, including consideration of easing some Russian oil sanctions to counter war‑related supply shocks.

Since late 2022, the Group of Seven and allies have capped Russia's seaborne crude price using dominance in shipping and insurance. In February 2026, the EU and UK reduced the cap to $44.10 per barrel while the US kept its own $60 ceiling.

Updated May 26

As of May 2026: Currently serving dual role after Billy Long's removal

The IRS opened the 2026 tax filing season January 26, launching the first implementation of the One Big Beautiful Bill Act, signed July 4, 2025. The law extends 2017 tax provisions set to expire December 2025 and adds deductions for tips, overtime, car loan interest, and seniors.

Updated May 26

As of May 2026: Publicly criticized EU-India trade deal

India and the European Union became strategic partners in 2004. At the 16th EU-India Summit on January 27, 2026, they signed a Security and Defence Partnership, making India the third Asian country (after Japan and South Korea) to gain formal access to European defence initiatives. They also concluded a historic free trade agreement (covering 2 billion people and a $27 trillion combined market) that enters force in 2027, giving Indian firms access to the EU's €150 billion SAFE rearmament programme.

Updated May 23

As of May 2026: Lead implementer of the executive order

For 23 years, federal rules let Individual Taxpayer Identification Numbers stand in for Social Security numbers when opening a bank account. A Trump executive order now tells regulators to treat ITIN use as a potential fraud and trafficking red flag, moving the compliance burden onto banks.

Updated May 21

As of May 2026: Expressed opposition to Powell investigation internally

On January 30, 2026, President Trump nominated former Fed Governor Kevin Warsh to succeed Jerome Powell as Fed Chair when Powell's term expires in May. Gold, which had surged to a record $5,626 per ounce amid the constitutional crisis over Powell's criminal investigation, plunged 11% in hours as investors bet Warsh would preserve central bank independence.

Updated May 20

As of May 2026: Privately opposed to Powell investigation

No president has ever criminally investigated a sitting Federal Reserve chair. When Trump's Justice Department served Jerome Powell with grand jury subpoenas on January 11, two Republican senators announced they would block all Fed nominees until the probe ends. With a 13-11 GOP majority on the Banking Committee, even one defection creates a confirmation stalemate.

Updated May 20

As of May 2026: Leading U.S. delegation at Seoul pre-summit trade talks with He Lifeng

The legal foundation for Trump's tariff strategy collapsed on February 20 when the Supreme Court ruled 6-3 that IEEPA does not authorize tariffs. The decision voided both the 25% Iran secondary levy and other emergency-based duties on China. Trump signed a 10% global replacement under Section 122 of the Trade Act within hours, dropping China's effective rate from 47% to about 35%.

Updated May 20

As of May 2026: Overseeing FinCEN's review and potential revision of investment adviser AML rule

FinCEN just delayed anti-money laundering rules for investment advisers by two years, pushing compliance from January 2026 to January 2028. It's the fourth time since 2002 that federal regulators have tried—and struggled—to close what transparency advocates call a $125 trillion loophole. Sanctioned Russian oligarchs, corrupt foreign officials, and fraudsters exploit it to access U.S. markets.

Updated May 19

As of May 2026: Led first Russia sanctions action of Trump's second term with Rosneft/Lukoil designations in October 2025

Sanctions are supposed to close doors. On December 17, the U.S. quietly propped two doors back open again, even as it slammed others shut. One narrow lane keeps Sakhalin-2 crude flowing to Japan; the other preserves financial channels for civil nuclear projects, even when payments touch sanctioned Russian banks—both running through June 18, 2026.

Updated May 15

As of May 2026: Leading Treasury’s cartel-focused sanctions push

Treasury sanctioned the Cartel de Santa Rosa de Lima (CSRL) and its jailed leader José Antonio Yépez Ortiz ("El Marro") on December 17, 2025. Washington's campaign against huachicol money then shifted toward the infrastructure that makes stolen hydrocarbons tradable: shipping, routing, and due diligence.

Updated May 15

As of May 2026: Expanded financial pressure with new Venezuela-linked designations and a Citgo-related licensing move that intersects with creditor litigation and asset-sale proceedings.

Trump's Venezuela "blockade" threat is now backed by policy. Washington has added new Venezuela-linked sanctions and also targeted Iran's shadow-fleet network. Together, these expand the pool of already-sanctioned vessels that the U.S. Navy could board if they try to trade with Venezuela.

Updated May 15

As of May 2026: Leads implementation of sanctions and waivers governing Lukoil’s asset sales

First the US froze Lukoil's assets. Now it's effectively forcing Russia's biggest private oil company to auction off its global business. A fresh Treasury waiver gives buyers until January 17, 2026 to lock in deals for oilfields, refineries and thousands of gas stations worth about $22 billion.

Updated May 10

As of May 2026: Key player in tariff strategy and financing of farm aid; recently divested a large soybean farm

Since 2018, U.S. farmers have been caught in Trump-era tariff battles—first the U.S.–China trade war, now tariffs on China, Canada, Mexico, and others. To counter lost exports and depressed prices, the Trump administrations funded large farm aid through the Agriculture Department's Commodity Credit Corporation: $12 billion in 2018, $16 billion in 2019.

Updated May 10

As of May 2026: Under sustained ethics scrutiny; has now divested North Dakota farmland but faces questions about earlier decisions

Scott Bessent became Treasury Secretary in January 2025. An ethics agreement required him to sell substantial holdings, including up to $25 million in North Dakota soybean and corn farmland that earned as much as $1 million a year in rent. After months of delays, the Office of Government Ethics warned him in August 2025 that he'd failed to comply on time.

Updated May 10

As of May 2026: Advocating a deregulatory shift and a reevaluation of FSOC’s post-crisis approach as leveraged-lending guardrails are rolled back

In March 2013, U.S. bank regulators issued joint supervisory guidance on leveraged lending to prevent a return of pre-2008-style underwriting excesses, with examiners informally anchoring scrutiny around a roughly six-times-EBITDA leverage benchmark. Over the next decade, banks' pullback shifted riskier deal finance toward private-credit funds, CLOs, and other nonbanks—expanding an opaque "shadow banking" ecosystem even as regulators maintained the guidance was supervisory, not a binding rule.

Updated May 9