The Treasury Department announced a new round of sanctions against Russia on Wednesday, targeting the country&#8217;s two largest oil companies that &#8220;fund the Kremlin’s war machine.&#8221;
The sanctions target Open Joint Stock Company Rosneft Oil Company, Lukoil OAO, and dozens of their subsidiaries. In a <a href="https://home.treasury.gov/news/press-releases/sb0290">press release</a>, the Trump administration said the sanctions were necessary because of &#8220;Russia’s lack of serious commitment to a peace process to end the war in Ukraine.&#8221;
“Now is the time to stop the killing and for an immediate ceasefire,” said Treasury Secretary Scott Bessent. “Given President Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine. Treasury is prepared to take further action if necessary to support President Trump’s effort to end yet another war. We encourage our allies to join us in and adhere to these sanctions.”
Just before the sanctions were announced, Bessent discussed the move in an interview on Fox Business on Wednesday afternoon,  saying it will be &#8220;one of the largest sanctions that we have done against the Russian Federation.&#8221;
&#8220;President Putin has not come to the table in an honest and forthright manner, as we&#8217;d hoped,&#8221; he added. &#8220;There were talks in Alaska. President Trump walked away when he realized that things were not moving forward. There have been behind-the-scenes talks, but I believe that the president is disappointed at where we are in these talks.&#8221;
<blockquote class="twitter-tweet" data-media-max-width="560">
.<a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a>: &#8220;President Putin has not come to the table in an honest and forthright manner, as we&#8217;d hoped&#8230; we are going to be announcing a substantial increase in Russia sanctions&#8230; one of the largest sanctions that we have done against the Russian Federation.&#8221; <a href="https://t.co/V4I8lg1WJi">pic.twitter.com/V4I8lg1WJi</a>
— Rapid Response 47 (@RapidResponse47) <a href="https://twitter.com/RapidResponse47/status/1981091320513835262?ref_src=twsrc%5Etfw">October 22, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
U.S. sanctions on Russia come as the European Union approved the 19th batch of sanctions against Moscow on Wednesday, Reuters <a href="https://www.reuters.com/world/china/eu-approves-19th-package-russian-sanctions-including-lng-ban-2025-10-22/">reported</a>. The latest E.U. sanctions package includes a ban on liquefied natural gas imports from Russia. The sanctions will end short-term liquefied natural gas contracts with Russian companies after six months, while long-term contracts will end beginning on January 1, 2027.
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In July, Trump threatened to punish Russia with sanctions if it did not agree to end the war within 50 days. After meeting with Putin in Alaska in August, Trump said he was still considering &#8220;very serious&#8221; sanctions on Russia.
The Trump administration finally moved forward with sanctions after a planned second summit with Russian dictator Vladimir Putin was <a href="https://www.dailywire.com/news/second-trump-putin-summit-in-doubt-after-rubio-talks-with-russian-foreign-minister">placed on hold</a> on Tuesday. Trump had a &#8220;lengthy&#8221; <a href="about:blank">call</a> with Putin last Thursday, after which he announced that he would meet with the Russian dictator for another round of peace talks in Budapest in the near future. On Tuesday, the White House said that following a call between Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov, “there are no plans for President Trump to meet with President Putin in the immediate future.”
Trump commented on the summit in the Oval Office later on Tuesday, leaving the door open for a meeting with Putin, but adding, “I don’t want to have a wasted meeting. I don’t want to have a waste of time.”
Trump also met with Ukrainian President Volodymyr Zelensky on Friday, one day after his call with Putin, to discuss next steps in the peace negotiations. Zelensky has long been asking the United States for Tomahawk missiles, which would allow Kyiv to fire at targets deep inside Russia, but Trump <a href="https://www.dailywire.com/news/in-zelensky-meeting-trump-indicates-he-is-not-ready-to-give-ukraine-tomahawk-missiles">suggested</a> during the meeting with Zelensky that he wasn’t ready to provide Ukraine with the long-range cruise missiles.

Vladimir Putin/Donald Trump

Trump Ramps Up Pressure On Putin, Hits Russian Oil Companies With Sanctions

Donald Trump

Russia

Sanctions

Scott Bessent

Trump Administration

U.S.

Ukraine

Ukraine-Russia War

When nations face a fiscal emergency they turn to the <a href="https://www.imf.org/en/About/Factsheets/Sheets/2022/IMF-World-Bank-New" target="_blank" rel="noopener">International Monetary Fund (IMF).</a> When they need capital to build roads, energy grids, or water sanitation, they go to the <a href="https://www.imf.org/en/About/Factsheets/Sheets/2022/IMF-World-Bank-New" target="_blank" rel="noopener">World Bank.</a>
Both institutions play essential roles in the international financial system. But Treasury Secretary Scott Bessent <a href="https://home.treasury.gov/news/press-releases/sb0094#:~:text=First%2C%20we%20must%20make%20the,deficit%20in%20our%20nation's%20history." target="_blank" rel="noopener">believes</a> “mission creep has knocked these institutions off course.”
Earlier this year, Bessent warned that the IMF and World Bank have drifted from their mandates by devoting time and resources to work on <a href="https://home.treasury.gov/news/press-releases/sb0094#:~:text=First%2C%20we%20must%20make%20the,deficit%20in%20our%20nation's%20history." target="_blank" rel="noopener">climate change, gender, and social issues</a>. On Wednesday, he acknowledged recent course corrections and urged both institutions to continue refocusing on their original mandates.
“At a time when countries around the world are tightening their belts, we should expect the same from public institutions that have been built with and supported by taxpayer money from around the world,&#8221; Bessent <a href="https://home.treasury.gov/news/press-releases/sb0280" target="_blank" rel="noopener">said</a> this week ahead of both the IMF and World Bank&#8217;s annual meetings.
He criticized the board’s &#8220;ballooning salaries” and expanding administrative overhead, urging the institutions to impose financial discipline. “Resources must not be siphoned away from the core missions,” he added.
Part of that mission involves refocusing the IMF and World Bank’s relationship with China.
Last week, China sent a letter announcing large-scale export controls taking effect on November 1. President Donald Trump said the export controls would be on “virtually every product they make“ and “affect all countries.” He condemned the policy as a “moral disgrace” and responded with a threat to raise tariffs to 100% on all Chinese imports.
Bessent, echoing Trump’s concerns, urged the IMF and the World Bank to take another look at China.
“The IMF is uniquely positioned to provide bilateral and multilateral economic surveillance that identifies imbalances and risks, facilitates the balanced growth of international trade, and discourages harmful policies.”
Bessent called the IMF to examine China’s policies, focusing their surveillance “on macroeconomic and financial stability” rather than “climate and gender.”
Addressing the World Bank, Bessent pushed for implementing a graduation policy “supporting countries along the way to self-reliance and enabling the bank to concentrate its resources on poorer, less creditworthy countries where its support is most needed and most impactful.”
Bessent specifically named China as a country that should no longer be receiving World Bank assistance, saying it’s time for the institution to “graduate” China and focus its limited resources where support is truly needed.
Bessent’s stance matters. The United States is the largest financial contributor to both institutions, giving it considerable influence over policy direction and voting power.
The Treasury Secretary&#8217;s remarks also mark a sharp change in policy from his predecessor. At the 2024 Annual Meetings of the International Monetary Fund and World Bank, Biden Treasury Secretary Janet Yellen praised the “record high of nearly $75 billion in climate finance to low- and middle-income countries in 2023, a 45 percent increase from 2021.”
“Confronting climate change, of course, remains at the top of our agenda,” she announced. She also supported an expansion of IMF funding through increased quotas.

FILE PHOTO: U.S. Treasury Secretary Bessent testifies before a House Ways and Means Committee hearing on Capitol Hill

Bessent Pushes IMF And World Bank Focus On China, Not Gender And Climate Issues

China

Climate Change

Treasury Department

A key adviser in the Treasury Department is drawing up plans that would overhaul the IRS criminal-investigative division and allow the Trump administration to more easily target leftist groups, The Wall Street Journal <a href="https://www.wsj.com/politics/policy/trump-irs-investigations-left-leaning-groups-democratic-donors-612a095e?mod=hp_lead_pos1">reported</a> on Wednesday.
A senior IRS official involved in making the plans told the WSJ that the administration has already compiled a list of targets, including Democratic donors, that the IRS would investigate. Gary Shapley, who advises Treasury Secretary Scott Bessent, has told people that he will replace career bureaucrat Guy Ficco, the chief of the service’s investigative unit, according to the WSJ.
The move would help the administration control the reins of the IRS criminal investigation division and install people who align with Trump’s vision. The plans would also open the doors for IRS investigators to go after leftist groups and target Democratic mega-donors, including George Soros, according to a senior IRS official and another source, whom the WSJ reported was “briefed on the list.”
President Donald Trump has already tasked Bessent, who is also serving as the acting IRS commissioner, with probing left-wing groups that the administration believes could be financing violent demonstrations against the Trump administration in cities across the United States. Trump has also called for Soros and his son, Alex, to be charged under the Racketeer Influenced and Corrupt Organizations Act (RICO) “because of their support of Violent Protests, and much more, all throughout the United States of America.”
“We’re not going to allow these lunatics to rip apart America any more, never giving it so much as a chance to ‘BREATHE,’ and be FREE,” Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115100792784831675">wrote</a> on Truth Social on August 27. “Soros, and his group of psychopaths, have caused great damage to our Country! That includes his Crazy, West Coast friends. Be careful, we’re watching you!”
Bessent said on Wednesday that his department is prioritizing the effort to target “violent domestic networks,” comparing the plan to the United States going after terrorist networks after 9/11. The IRS is a bureau of the Treasury Department.
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During an appearance on a special White House edition of “The Charlie Kirk Show” on the same day that Kirk was posthumously awarded the Presidential Medal of Freedom, Bessent highlighted the rise of anti-Israel demonstrations in the United States following Hamas’ attack on the Jewish state two years ago.
“Since the terrible day two years ago, the anti-Semitism and the bias that came out after October 7, 2023, many of these organizations have been financed by non-profits, and it&#8217;s going to stop. And we are going to, as they always say, follow the money … this takes a lot of money and a lot of organization,” he said.
Bessent added that the assassination of Charlie Kirk kick-started the Treasury Department’s effort to “compile lists” of networks that are responsible for funding any leftist violence.
“Charlie’s death has set this off, and we are determined, not only to honor him, but to keep our country safe and to ensure freedom of speech on both sides,” the Treasury Secretary said.
<blockquote class="twitter-tweet">
Just as <a href="https://twitter.com/USTreasury?ref_src=twsrc%5Etfw">@USTreasury</a> led the effort after 9/11 to track terrorist financing, it will follow the money behind violent domestic networks. We will expose domestic terrorists and bring them to justice. <a href="https://t.co/iitcxdcgnf">pic.twitter.com/iitcxdcgnf</a>
— Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/1978181513251344429?ref_src=twsrc%5Etfw">October 14, 2025</a></blockquote>
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Shapley did not address the proposed overhaul of the IRS criminal investigation division when asked by the WSJ, simply stating, “I’m grateful to continue in my role in reforming the IRS.”
A Treasury Department spokesman told the WSJ that the IRS “team’s focus remains collections, privacy, and customer service.”
The Daily Wire reached out to the White House, requesting comment on the WSJ report.

President Trump Signs Order On TikTok’s US Operations

Trump Eyes IRS Overhaul To Go After George Soros, Leftist Donor Networks

George Soros

Leftists

WASHINGTON—Republicans are urging the IRS to prioritize revoking the tax-exempt status of eight organizations with alleged &#8220;links to designated foreign terrorist groups,&#8221; and others &#8220;linked to violence and unrest&#8221; across the nation.
The <a href="https://waysandmeans.house.gov/wp-content/uploads/2025/10/10.6.25-Letter-to-IRS.pdf" target="_blank" rel="noopener">letter</a>, from Ways and Means Committee Chairman Jason Smith (R-MO) to Treasury Secretary Scott Bessent and IRS CEO Frank Bisignano, comes on the second anniversary of Hamas&#8217;s October 7, 2023, attack on Israel.
“From the international funding sources and activities of tax-exempt entities in the U.S., and the role of certain organizations in fostering antisemitism on college campuses, the Committee has remained steadfast in ensuring that all tax-exempt organizations are abiding by their exempt status,” the letter reads.
Smith referred some of the groups named in Tuesday&#8217;s letter to the IRS for revocation during the 118th Congress. In his letter, the chairman noted that shortly after the committee sent revocation letters, the Treasury Department designated Samidoun as a terrorist organization &#8220;that serves as an international fundraiser for the Popular Front for the Liberation of Palestine, a Foreign Terrorist Organization.&#8221;
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However, Smith said that due to recent “political violence and the continued concerning actions by the previously referred organizations with ties to official foreign terrorist organizations,” he said it is important that the IRS takes action.
“These organizations have failed to operate for their tax exempt purpose. Tax-exempt status is a privilege, not a right, and in exchange, organizations must operate for stated exempt purposes,” Smith said.
Smith notes that the Americans for Justice in Palestine Educational Foundation, American Muslims for Palestine, and Islamic Relief USA, are “suspected of having terrorist ties to groups like Hamas,” and claims they use ties to “actively support and funnel resources in support of terrorism.”
The letter names the following organizations: Americans for Justice in Palestine Educational Foundation, American Muslims for Palestine, Islamic Relief USA, Alliance for Global Justice, WESPAC Foundation, Tides Foundation, Peoples Media Project (The Palestine Chronicle), and The People’s Forum.
It includes other groups: Alliance for Global Justice, WESPAC Foundation, and the Tides Foundation, which they say “disrupt college campuses, incite violence and intimidation, and illegal riot across the United States.”
Students for Justice in Palestine and Samidoun were cited as one of the notable projects, according to the letter.
Late last month, President Donald Trump issued a <a href="https://www.whitehouse.gov/presidential-actions/2025/09/countering-domestic-terrorism-and-organized-political-violence/#:~:text=(j)%20The%20Commissioner%20of%20the,for%20investigation%20and%20possible%20prosecution." target="_blank" rel="noopener">National Security Presidential Memorandum</a> directing the IRS to make sure no tax-exempt entities are &#8220;directly or indirectly financing political violence or domestic terrorism.&#8221;
The letter applauded the move and said Committee Republicans are &#8220;glad that the Trump Administration is taking the threat of tax-exempt entities with ties to political violence and terrorism seriously.&#8221;
Smith encouraged the IRS to prioritize examinations and vowed to continue their oversight work on tax-exempt organizations.

Treasury Secretary Scott Bessent

Republicans Mark Oct. 7 With Calls For IRS To Revoke Tax-Exempt Status Of Terrorist-Linked Groups

October 7

Taxes

Terrorism

WASHINGTON—There is a Republican push for President Donald Trump&#8217;s administration to put an end to tax code provisions that make it more cost-effective for Americans to obtain transgender medical procedures and surgeries, The Daily Wire has learned.
The IRS currently designates so-called gender procedures as a &#8220;qualifying medical expense,&#8221; meaning patients can pay for these procedures with tax-advantaged Health Savings Accounts and subsidized Affordable Care Act insurance plans. In a letter first obtained by The Daily Wire, Missouri congressman Bob Onder is asking Treasury Secretary Scott Bessent to take a look at changing what qualifies.
&#8220;Hardworking American taxpayers across the country are unknowingly made complicit in underwriting these costly, dangerous, and deadly medical procedures,&#8221; Onder writes, urging Bessent to &#8220;remove sex-trait altering drug regimens, procedures, and related providers from tax-advantaged qualified medical expenses.&#8221;
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&#8220;The tacit tolerance of a radical movement that has subjected thousands of American children to baseless medical treatments with grave consequences should be of serious concern to all of us,&#8221; Onder said. &#8220;We must ensure that this misguided acceptance does not result in Americans unknowingly and indirectly subsidizing the cost of these procedures.&#8221;
Bessent, who serves as acting commissioner of the Internal Revenue Service, is able to define which procedures as qualified medical expenses, the letter notes. Gender-affirming care is now broadly considered a qualified expense, meaning patients can pay for everything from chest binders and hormone therapy to surgeries using tax-advantaged HSA and FSA accounts, or taxpayer-subsidized Obamacare insurance plans.
The push to change this comes as the Trump administration redoubles its efforts to combat radical gender ideology in the wake of a <a href="https://www.dailywire.com/news/calls-to-investigate-trans-domestic-terrorism-escalate-after-devastating-school-shooting">string of deadly attacks</a> perpetrated by transgender-identifying assailants. Last week, the president told The Daily Wire that his administration is &#8220;very strongly&#8221; examining the pattern of transgender violence, and White House Press Secretary Karoline Leavitt similarly told The Daily Wire that transgender violence is “definitely something worth looking into.&#8221;
&#8220;Anyone who denies that at this point is being willfully ignorant,&#8221; Leavitt said.
In his letter, Onder lays out five major mass shootings that have been &#8220;conducted by transgender individuals with proven political motivations&#8221; since 2018.
That would include <a href="https://www.dailywire.com/news/exclusive-attempted-kavanaugh-assassin-identifies-as-transgender-woman-legal-filings-show?author=Mary+Margaret+Olohan&amp;category=News&amp;elementPosition=11&amp;row=0&amp;rowType=Vertical+List&amp;title=EXCLUSIVE%3A+Attempted+Kavanaugh+Assassin+Identifies+As+Transgender+Woman%2C+Legal+Filings+Show">Robin Westman</a>, a trans-identifying 23-year-old man who opened fire last month on Catholic schoolchildren while they were praying in Minneapolis. It also follows the assassination of Turning Point USA founder Charlie Kirk, whose accused killer, 22-year-old Tyler Robinson, was living with a 22-year-old trans-identifying male named Lance Twiggs.
&#8220;As Congress and the Trump Administration consider advancing policy proposals aimed at addressing the underlying conditions that led to Mr. Kirk’s assassination, it would be a grave mistake not to acknowledge the role transgender ideology has played in inflicting harm on our nation’s children,&#8221; Onder wrote.
Onder further notes that advocates of transgender procedures are taking advantage of vulnerable young people, coaxing them into experimental medical procedures that often cause irreparable harm, and indoctrinating them into a radical ideology.
Citing a May <a href="https://opa.hhs.gov/sites/default/files/2025-05/gender-dysphoria-report.pdf">report</a> from the Department of Health and Human Services that found there is &#8220;minimal evidence to support the benefits of sex-trait altering procedures,&#8221; Onder argues that these procedures often lead to &#8220;severe health consequences&#8221; that &#8220;have sparked equally devastating societal consequences.&#8221;
&#8220;We are witnessing a disturbing rise in left-wing political violence with increasing rates of mental illness and political radicalization, which is incredibly concerning and warrants concerted examination,&#8221; he tells Bessent. &#8220;These &#8216;activists&#8217; are systematically exploiting the confusion of these vulnerable individuals, weaponizing their distress to target anyone they perceive as a political or ideological opponent.&#8221;
Onder is a member of the Republican Study Committee, the largest conservative caucus in Congress, which has led the charge against both <a href="https://www.dailywire.com/news/exclusive-riley-gaines-to-join-republican-study-committee-members-lunch">transgender ideology</a> and <a href="https://www.dailywire.com/news/house-republicans-call-for-an-end-to-violent-rhetoric-on-the-anniversary-of-butler-shooting">political violence.</a> In 2022, then-RSC Chairman Jim Banks introduced <a href="https://rsc-pfluger.house.gov/news/press-releases/reps-banks-lamalfa-sen-cotton-introduce-protecting-minors-medical-malpractice">legislation</a> that would protect minors from transgender procedures. The RSC — which counts among its members prominent lawmakers, including Reps. Elise Stefanik (R-NY), Steve Scalise (R-LA), and Kat Cammack (R-FL) — has seen its efforts to fight gender ideology pay off under President Donald Trump.
Shortly after taking office in January, Trump signed an executive order declaring &#8220;federal funds shall not be used to promote gender ideology.&#8221; The Trump Justice Department is considering a ban on firearm purchases for individuals who identify as transgender, as The Daily Wire <a href="https://www.dailywire.com/news/breaking-trump-doj-considering-gun-ban-for-transgenders?author=Mary+Margaret+Olohan&amp;category=News&amp;elementPosition=15&amp;row=0&amp;rowType=Vertical+List&amp;title=Trump+DOJ+Deliberates+Over+Gun+Ban+For+Transgenders">previously reported.</a> And in June, the Supreme Court upheld Tennessee&#8217;s ban on transgender procedures for minors, a decision RSC Chairman August Pfulger (R-Texas) hailed as &#8220;a huge win for parental rights and defeating the woke ideology of the Left.&#8221;
Other RSC members are expected to sign on to Onder&#8217;s letter in the coming days, sources with knowledge of the matter tell The Daily Wire.
&#8220;Children are the most vulnerable members of our country, and they deserve leaders who will protect them,&#8221; Onder writes. &#8220;This action alone will make a marked impact on the well-being of children nationwide, and will end this country’s moral retreat into the acceptance of a radical ideology that defies biological reality and puts our citizens at risk.&#8221;

Untitled (1200 x 675 px)

As Transgender Violence Mounts, Republicans Push Trump To End Tax Advantage For Gender Procedures

Charlie Kirk

House Republicans

Leftism

Obamacare

Transgender

Violence

Treasury Secretary Scott Bessent warned that the U.S. could be on the hook for a staggering $1 trillion in tariff refunds if the Supreme Court sides against President Trump’s trade agenda — a decision that could cripple the Treasury and kneecap America’s economic leverage.
At the heart of the legal battle is the Trump administration’s broad use of tariffs under the International Emergency Economic Powers Act (IEEPA), particularly the so-called “reciprocal tariffs” that have imposed sweeping levies on imports. Two lower courts have declared the tariffs unconstitutional, contending they overstepped executive authority and amounted to taxation without congressional approval.
Bessent made it clear: If the Supreme Court rules against the administration, the U.S. government will be forced to refund as much as $1 trillion to importers, a move he called “terrible” for the Treasury and the economy, the New York Post <a href="https://nypost.com/2025/09/09/business/us-could-be-forced-to-refund-1-trillion-if-supreme-court-overturns-trumps-tariffs/">reported</a>.
“We’d have to do it,” Bessent <a href="https://www.nbcnews.com/meet-the-press/meet-press-september-7-2025-n1312693">told</a> NBC’s “Meet the Press” on Sunday. “But it would be terrible.”
According to court filings, the administration has already collected tens of billions in tariff revenue since Trump’s “Liberation Day” in April, with $30 billion in July alone, a 242% spike year-over-year. The total potentially owed could reach up to $1 trillion if the Supreme Court delays action.
Bessent did not mince words about the dangers of reversing the tariffs. “Unwinding them could cause significant disruption,” he said, emphasizing that economic benefits such as record stock market highs, increased capital expenditures, and strong GDP growth are largely due to the Trump tariff strategy.
Solicitor General D. John Sauer echoed Bessent, writing: “With tariffs, we are a rich nation; without tariffs, we are a poor nation… The economic consequences would be ruinous.”
Bessent was pressed repeatedly on “Meet the Press” on whether the administration would honor the court’s ruling if the tariffs were struck down.
“I mean, there’s no ‘be prepared,’” he said. “If the court says it, we’d have to do it.”
He cautioned that such a refund would not only harm the nation financially but also undermine the U.S. negotiating position globally, slow the progress made on rebalancing trade, and potentially reverse the economic momentum Trump has established.
Bessent dismissed complaints from corporations like John Deere and Nike, who blame the tariffs for profit losses and layoffs, calling them cherry-picked examples. He emphasized that Treasury is hearing a “record amount” of positive feedback from companies that support the tariffs.
Bessent rejected claims from Goldman Sachs and The New York Times that consumers are bearing the brunt, insisting that many foreign manufacturers are “eating the tariffs,” and that American economic strength is a direct result of the policy.
“This isn’t about the dollars,” Bessent said. “This is about balance. The dollars are an after amount.”
Bessent and President Trump see the court battle not just as a legal fight, but as a referendum on America’s right to defend its economic sovereignty.

US Treasury Secretary Scott Bessent Interview

Supreme Court Ruling Against Trump Tariffs Could Trigger $1 Trillion Economic Disaster, Bessent Warns

Bessent Warns Supreme Court Ruling Against Trump Tariffs Could Trigger $1 Trillion Economic Disaster

Supreme Court

Tariffs

President Donald Trump&#8217;s administration plans new measures to tackle the high cost of housing in the coming weeks, U.S. Treasury Secretary Scott Bessent told Reuters in an interview on Monday.
Emphasizing the urgency of the situation, Bessent described it as an &#8220;all hands on deck&#8221; challenge.
Bessent told the Washington Examiner in a separate interview that Trump may declare a national housing emergency this fall to address rising prices and dwindling supply.
The housing market has been hardest hit by the U.S. central bank&#8217;s tight monetary policy stance and high housing costs are a top concern for many Americans.
The Treasury secretary told Reuters rents were now dropping, which was important for Americans who do not own their homes.
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He said he was expecting an increase in real estate transactions and home sales once interest rates began falling, which could encourage people who were locked into low mortgages to put their existing homes on the market.
Bessent said the Trump administration was also exploring ways to simplify permitting and encourage standardization to boost construction, which would boost housing supply and help to bring high costs down.
Affordability would be a big focus for the administration, Bessent said, noting Trump&#8217;s push to drive down prescription prices.
(Reporting by Andrea Shalal, Jeff Mason and Jasper Ward; Editing by Scott Malone, Ross Colvin and Edmund Klamann)

US-NORWAY-DIPLOMACY

Bessent: Trump May Declare National Housing Emergency

Economy

Housing

A top IRS lawyer who once advocated for action to “resist” President Donald Trump has been placed on administrative leave as officials probe whether he has put his words into action at the powerful tax-collecting agency, The Daily Wire has learned.
The inquiry was launched after The Daily Wire <a href="https://www.dailywire.com/news/top-irs-lawyer-under-trump-pledged-to-resist-president-is-former-dem-aide?author=Leif+Le+Mahieu&amp;category=News&amp;elementPosition=3&amp;row=0&amp;rowType=Vertical+List&amp;title=Top+IRS+Lawyer+Under+Trump+Pledged+To+%E2%80%98Resist%E2%80%99+President%2C+Is+Former+Dem+Aide">reported</a> on Wednesday that Anthony Sacco, a lawyer for the IRS Chief Counsel’s office, has a history of advocating for far-left positions, including fighting back against Trump, whom he now serves under. Sacco holds a key role at the IRS, where he interprets how convoluted federal tax law is applied in specific situations. 
Sacco was brought on by the Biden administration as a career employee in September 2022. The vast majority of positions at the IRS are considered career roles, with only the commissioner and chief counsel being politically appointed. Before joining the IRS, Sacco <a href="https://www.linkedin.com/in/anthony-sacco-5a4319a4/" target="_blank" rel="noopener">worked</a> under Oregon Democratic Senator Ron Wyden for the Senate Finance Committee, according to his LinkedIn. 
READ MORE: <a href="https://www.dailywire.com/news/top-irs-lawyer-under-trump-pledged-to-resist-president-is-former-dem-aide">Top IRS Lawyer Under Trump Pledged To ‘Resist’ President, Is Former Dem Aide</a>
In his role at the IRS, Sacco has co-authored multiple revenue rulings under both Biden and Trump, including as recently as April 17, 2025. Revenue rulings are authoritative IRS interpretations of how tax laws are applied by agency officials. 
Sacco locked his X account shortly after The Daily Wire reached out to him for comment, but not before his posts were archived. His posts included calls for Democrats to “pack” the Supreme Court as a way to &#8220;resist&#8221; Trump.
“The Republican Party has completely obliterated principles, integrity, and norms. Screw ‘going high.’ Pack the Court.<a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/resist?src=hashtag_click"> #resist</a><a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/gop?src=hashtag_click"> #gop</a><a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/election?src=hashtag_click"> #election</a><a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/vote?src=hashtag_click">#vote</a><a href="https://archive.ph/o/UtXC5/https://x.com/hashtag/packthecourt?src=hashtag_click"> #packthecourt</a>,” he posted to X in September 2020 ahead of the vote to confirm Amy Coney Barrett to the Supreme Court. 
<div id="attachment_963727" style="width: 1166px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-963727" class="size-full wp-image-963727" src="https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM.png" alt="" width="1156" height="969" srcset="https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM.png 1156w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM-300x251.png 300w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM-687x576.png 687w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-4.02.18-PM-768x644.png 768w" sizes=" (max-width: 1156px) 100vw, 1156px" />Sacco X post.</div>
The disciplinary action came as the Trump administration works to root out government bureaucrats who may attempt to stymie the president&#8217;s agenda.
On Thursday, Treasury Secretary and Acting IRS Commissioner Scott Bessent received a briefing from IRS officials that included a discussion of the Trump administration&#8217;s push to de-weaponize the federal government, the department told The Daily Wire. They discussed Bessent&#8217;s desire to make the IRS a non-political agency after years of accusations that it was targeting Christian groups and conservative advocacy organizations. 
Present at the meeting were IRS whistleblowers Gary Shapley and Joseph Ziegler, who investigated Hunter Biden over his shady tax practices. Both Shapley and Ziegler said the Biden administration retaliated against them based on their investigation into Hunter. 
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When made aware of the posts, Senator Tom Cotton (R-AR) called for Sacco to be fired. 
“With deep state leftists in its leadership, it is no wonder the IRS has repeatedly targeted conservatives and conservative organizations,” Cotton told The Daily Wire on Wednesday. “This individual should be fired immediately.”
In another post, he shared a call from anthem-kneeler Colin Kaepernick to “abolish” the “white supremacist institution of policing” and another post that claimed “policing is based on race” and that the job itself was “racist.” 
<div id="attachment_963731" style="width: 1164px" class="wp-caption alignnone"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-963731" class="size-full wp-image-963731" src="https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1.png" alt="" width="1154" height="509" srcset="https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1.png 1154w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1-300x132.png 300w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1-1024x452.png 1024w, https://dw-wp-production.imgix.net/2025/08/Screenshot-2025-08-19-at-10.20.53-AM-1-768x339.png 768w" sizes=" (max-width: 1154px) 100vw, 1154px" />Sacco retweet.</div>
Outside of social media, Sacco helped prepare a lengthy <a href="https://harvardlawreview.org/print/vol-133/abolition-constitutionalism/">academic article </a>published by the Harvard Law Review that argued that prisons should be abolished. In the article, the primary author argued “that white supremacy is deeply woven into the fabric of every legal institution in the United States.”

MixCollage-21-Aug-2025-02-36-PM-7276

‘Resist’ IRS Lawyer Put On Leave After Daily Wire Report On Far-Left Advocacy

U.S. Treasury Secretary Scott Bessent said he expects a big jump in revenues from sweeping tariffs imposed by President Donald Trump, and said the money would be used first to start paying down the federal debt, not to give rebate checks to Americans.
Bessent, speaking in an interview on CNBC&#8217;s &#8220;Squawk Box,&#8221; said he expected to substantially revise upward his earlier estimate of $300 billion in revenues from the tariffs, but declined to be more specific.
Bessent said he had not spoken with Trump about the idea of using funds from the tariffs to create a dividend for Americans, but stressed that both of them were &#8220;laser-focused&#8221; on paying down the debt.
&#8220;I&#8217;ve been saying that tariff revenue could be $300 billion this year. I&#8217;m going to have to revise that up substantially,&#8221; Bessent said. &#8220;We&#8217;re going to bring down the deficit to GDP. We&#8217;ll start paying down the debt, and then at that point that can be used as an offset to the American people.&#8221;
The U.S. economy could return to the &#8220;good, low-inflationary growth&#8221; of the 1990s, Bessent said, but he blamed higher interest rates for problems plaguing some pockets of the economy, singling out housing and lower-income households with high credit card debt.
<a href="https://get.dailywire.com/subscribe/plus/?utm_campaign=summer&amp;utm_content=editorialsummersale&amp;utm_medium=website&amp;utm_source=editorial" target="_blank" rel="noopener">End of Summer Sale – Get 40% off New DailyWire+ Annual Memberships</a>
A cut in the Federal Reserve&#8217;s key interest rate &#8211; which Trump has continually pressed for &#8211; could help facilitate a boom or pickup in home building, which would help keep prices down in one to two years, he said.
The U.S. Census Bureau on Tuesday reported a small increase in groundbreaking for single-family homes and permits for future construction in July, even as high mortgage rates and economic uncertainty continued to hamper home purchases.
Trump&#8217;s wide-ranging import tariffs have kept the Federal Reserve from lowering interest rates this year, with most central bank policymakers wary of easing borrowing costs until they have more confidence the levies will not rekindle inflation, which has yet to return to the Fed&#8217;s 2% target.
Recent indications of softening in the job market, however, have largely convinced investors that the Fed will cut rates by a quarter of a percentage point when it meets in mid-September. That expectation has helped bring down mortgage rates in recent weeks.
Bessent has previously said a 50-basis-point cut in rates was warranted.
(Reporting by Andrea ShalalEditing by Mark Potter and Leslie Adler)

Bessent Says U.S. Tariff Revenues To Rise ‘Substantially,’ Focus On Reducing Debt

National Debt

Treasury Secretary Scott Bessent declared on Wednesday that he will begin advocating for a ban on individual stock trading in Congress, arguing that major portfolio gains by lawmakers undermine voter confidence in the system.
When pressed during an <a href="https://www.youtube.com/watch?v=aR85WkgO8bc" target="_blank" rel="noopener">interview</a> with &#8220;Bloomberg Surveillance&#8221; on whether President Donald Trump is prepared to sign off on stock trading legislation <a href="https://www.dailywire.com/news/senate-panel-votes-to-ban-stock-trading-for-lawmakers-president-and-vp-but-spares-trump" target="_blank" rel="noopener">making its way</a> through Congress, Bessent said he did not believe a &#8220;perfect bill&#8221; had been introduced yet, but did express a desire for a crackdown.
&#8220;I am going to start pushing for a single stock trading ban because the — it is the credibility of the House and the Senate that you look at some of these eye-popping returns, whether it&#8217;s Representative Pelosi, Senator Wyden, every hedge fund would be jealous of them,&#8221; Bessent said.
<blockquote class="twitter-tweet" data-media-max-width="560">
I am pushing for a ban on single-stock trading in Congress. The American people deserve better than politicians like <a href="https://twitter.com/RonWyden?ref_src=twsrc%5Etfw">@RonWyden</a> and <a href="https://twitter.com/SpeakerPelosi?ref_src=twsrc%5Etfw">@SpeakerPelosi</a> with hedge-fund level returns. Public service should be about serving the people, not getting rich. <a href="https://t.co/yaXFGRfiMz">pic.twitter.com/yaXFGRfiMz</a>
— Treasury Secretary Scott Bessent (@SecScottBessent) <a href="https://twitter.com/SecScottBessent/status/1955713416292601876?ref_src=twsrc%5Etfw">August 13, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Bessent, a former hedge fund manager, was referring to former House Speaker Nancy Pelosi (D-CA) and Sen. Ron Wyden (D-OR) — both of whom are <a href="https://nypost.com/2025/06/21/us-news/pelosi-added-millions-to-net-worth-last-year-report/" target="_blank" rel="noopener">estimated</a> to be worth <a href="https://www.nasdaq.com/articles/net-worth-update-senator-ron-wyden-made-estimated-8241k-stock-market-last-month" target="_blank" rel="noopener">millions</a> of dollars.
&#8220;And you know, the American people deserve better than this. People shouldn&#8217;t come to Washington to get rich,&#8221; Bessent continued. &#8220;They should come to serve the American people and it brings down trust in the system because, I can tell you, that if any private citizen traded this way, the SEC would be knocking on their door.&#8221;
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Pelosi&#8217;s well-known success in the stock market during her time in Congress has drawn intense scrutiny, but it may not be examined by the Securities and Exchange Commission or be a focus of any formal investigation any time soon. In fact, just last month, senators <a href="https://x.com/SenRickScott/status/1950637197272727566" target="_blank" rel="noopener">shot down</a> a measure seeking an inquiry into her trades.
During a recent appearance on CNN, Pelosi <a href="https://www.dailywire.com/news/nancy-pelosi-visibly-perturbed-by-cnns-random-act-of-journalism" target="_blank" rel="noopener">responded</a> to Trump accusing her of insider trading, rejecting the claim.
&#8220;That’s ridiculous,” Pelosi said. &#8220;In fact, I very much support the — stop the trading of members of Congress, not that I think anybody’s doing anything wrong, if they are, they are prosecuted and they go to jail. But because of the confidence it instills in the American people, don’t worry about this. But I have no concern about the obvious investments that have been made over time, I’m not into it, my husband is, but it isn’t anything to do with anything insider.&#8221;
As some other lawmakers <a href="https://www.notus.org/money/shri-thanedar-stock-act-violation" target="_blank" rel="noopener">violate</a> disclosure rules that are currently in place, Bessent pointed out that both <a href="https://thehill.com/homenews/administration/5267113-donald-trump-congressional-stock-trading-ban/" target="_blank" rel="noopener">Trump</a> and House Minority Leader Hakeem <a href="https://punchbowl.news/article/house/bipartisan-group-eyes-stock-trading-ban/" target="_blank" rel="noopener">Jeffries</a> (D-NY) have voiced support for a congressional stock trading ban.
&#8220;The House and the Senate, they&#8217;re supposed to be working for the American people — their constituents,&#8221; Bessent said. &#8220;They&#8217;re supposed to be making law. And they shouldn&#8217;t be trading every day. I&#8217;m not going to name names, but there was one person in Congress who had 12 or 13 hundred trades two years ago. And you know, my hedge fund didn&#8217;t have that many trades.&#8221;
Bessent also warned, &#8220;There&#8217;s something going on on Capitol Hill in terms of information leakage that is statistically &#8230; not sound.&#8221;

Bessent Targets ‘Eye-Popping’ Stock Gains Made By Members Of Congress

Congress

Nancy Pelosi

Stock Market

WASHINGTON — President Donald Trump has removed Internal Revenue Service Commissioner Billy Long from his role, replacing him temporarily with Treasury Secretary Scott Bessent.
A senior White House official confirmed the news to The Daily Wire on Friday afternoon, <a href="https://www.nytimes.com/2025/08/08/us/politics/trump-billy-long-irs-commissioner.html">first reported by The New York Times</a>, only two months after Long was sworn into the role in June. He formerly served as a congressman for Missouri, and <a href="https://www.congress.gov/bill/114th-congress/house-bill/27/cosponsors?s=1&amp;r=89">previously co-sponsored legislation</a> to terminate the IRS.
Long will now become the ambassador of Iceland, a White House official shared with The Daily Wire on Friday.
“It is a honor to serve my friend President Trump and I am excited to take on my new role as the ambassador to Iceland,&#8221; Long said in a statement. &#8220;I am thrilled to answer his call to service and deeply committed to advancing his bold agenda. Exciting times ahead!”
<div id="attachment_958901" style="width: 874px" class="wp-caption alignnone"><a href="https://www.dailywire.com/news/president-trump-removes-irs-commissioner-makes-him-ambassador-to-iceland/senate-finance-committee-holds-confirmation-hearing-for-billy-long" rel="attachment wp-att-958901"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-958901" class="wp-image-958901 size-large" src="https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388-864x576.jpg" alt="" width="864" height="576" srcset="https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388-864x576.jpg 864w, https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388-300x200.jpg 300w, https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388-768x512.jpg 768w, https://dw-wp-production.imgix.net/2025/08/GettyImages-2215540388.jpg 1024w" sizes=" (max-width: 864px) 100vw, 864px" /></a>Former Representative Billy Long during a Senate Finance Committee confirmation hearing in Washington, DC, US, on Tuesday, May 20, 2025. Photographer: Nathan Howard/Bloomberg via Getty Images</div>
Bessent&#8217;s temporary appointment makes him the sixth person to head the IRS this year, NBC News <a href="https://www.nbcnews.com/politics/economics/trump-replaces-irs-chief-with-bessent-rcna223965">reported</a>. The Treasury Secretary is already tasked with &#8220;trade talks with China, Canada and Mexico&#8221; while also assisting in the search for a new Federal Reserve chair.
It is not immediately clear who the president is considering to replace Long.

William Long Testifies In Senate Nomination Hearing To Be IRS Commissioner

President Trump Removes IRS Commissioner, Makes Him Ambassador to Iceland

As President Donald Trump considers his options for replacing Federal Reserve Chair Jerome Powell, whose term expires in May, he said on Tuesday that Treasury Secretary Scott Bessent doesn&#8217;t want the job. Trump added that the field of candidates to replace Powell has narrowed to four candidates.
The president discussed the upcoming Fed Chair job opening during a nearly 40-minute phone interview with <a href="https://www.cnbc.com/2025/08/05/trump-says-treasury-secretary-bessent-does-not-want-to-be-fed-chair-but-4-others-in-running.html">CNBC</a>. Trump did not explicitly reveal who made his list of final candidates for the position, but gave a couple of hints at who he could be considering after Bessent, who was considered one of the top candidates, told Trump that he wanted to remain as Treasury Secretary.
“I love Scott [Bessent], but he wants to stay where he is,” Trump told the hosts of &#8220;Squawk Box.&#8221; “I asked him just last night, ‘Is this something you want?’ [Bessent said], &#8216;Nope, I want to stay where I am. He actually said, ‘I want to work with you.’ It’s such an honor. I said, ‘That’s very nice. I appreciate that.’”
Trump said that both former Federal Reserve Board Governor Kevin Warsh and National Economic Council Director Kevin Hassett &#8220;are very good,&#8221; adding, &#8220;there are other people that are very good too.&#8221; Both Warsh and Hassett have recently criticized the Fed&#8217;s refusal to lower interest rates. Warsh, who served as Fed governor from 2006 to 2011, was interviewed for the Fed Chair position in 2017 before Trump nominated Powell, Yahoo Finance <a href="https://finance.yahoo.com/news/trump-rules-out-bessent-as-next-fed-chair-says-may-name-powell-replacement-soon-132550942.html">reported</a>. Hassett&#8217;s ties to Trump include his current position as one of the president&#8217;s top economic advisers, as well as serving as an adviser in the first Trump administration.
The announcement of who will replace Powell could be coming &#8220;soon,&#8221; Trump said. He also commented on the <a href="https://www.dailywire.com/news/biden-appointed-fed-governor-resigns-as-trump-calls-for-interest-rate-cuts">resignation</a> of Biden-appointed Federal Reserve Board Governor Adriana Kugler last Friday, calling it a &#8220;pleasant surprise.&#8221;
Trump added that he will nominate a replacement for Kugler in the coming days. Asked if his pick to replace Kugler could also be his nominee for the Fed Chair, Trump said it was possible. Kugler will officially step down from her role on Friday.
While Trump didn&#8217;t name the other candidates in the running, multiple names have been floated in the media, including Fed Governors Christopher Waller and Michelle Bowman, who both dissented against the Fed&#8217;s decision last week to keep interest rates steady.
Waller and Bowman, who were both nominated by Trump to serve on the board, have been pushing for lower interest rates as Trump ramps up pressure on Powell. In their dissent, Waller and Bowman said that the central bank&#8217;s decision to keep interest rates between 4.25% and 4.50% <a href="https://www.dailywire.com/news/feds-delay-on-rate-cuts-threatens-u-s-economy-say-two-dissenting-governors-eyeing-top-job">threatens</a> the economy.

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