First lady Melania Trump and Treasury Secretary Scott Bessent announced Thursday that children in foster care will be eligible for Trump Accounts, ensuring they can participate in the investment program even when no parent or guardian is available to open an account for them.
Trump Accounts are designed to help children build wealth over time through tax-advantaged investment accounts seeded with an initial government contribution. Until now, participation generally required a parent or legal guardian to open an account on a child&#8217;s behalf.
The new initiative, called Fostering the Future Accounts, allows states and tribal governments serving as legal guardians to open Trump Accounts for eligible children in foster care.
“For the first time, children in foster care will have access to a dedicated investment and savings vehicle,” Melania Trump said during Thursday&#8217;s announcement. 
&nbsp;
<blockquote class="twitter-tweet" data-media-max-width="560">
NOW: <a href="https://x.com/FLOTUS?ref_src=twsrc%5Etfw">@FLOTUS</a> and <a href="https://x.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a> announce Trump Accounts for children in foster care.
This expands access for children for whom the state acts as their legal guardian. <a href="https://x.com/FLOTUS?ref_src=twsrc%5Etfw">@FLOTUS</a> says 23 governors have already agreed to set up the accounts in their states and urges all 50… <a href="https://t.co/gvqeHK6Pto">pic.twitter.com/gvqeHK6Pto</a>
— Brecca Stoll (@breccastoll) <a href="https://x.com/breccastoll/status/2065096414502306091?ref_src=twsrc%5Etfw">June 11, 2026</a></blockquote>
&nbsp;
The program could make roughly 400,000 foster children eligible to participate, based on federal estimates of the number of children currently in foster care nationwide.
Bessent said the change ensures children will receive the same $1,000 Treasury-funded contribution available through standard Trump Accounts for children born between January 1, 2025, and December 31, 2028.
States will also be permitted to deposit a child&#8217;s Social Security survivor benefits into the account.
Like other Trump Accounts, the funds will be professionally managed and invested in diversified index funds. When participants reach adulthood, they may use the money for approved expenses, including college tuition, purchasing a home, or starting a business.
Mrs. Trump said 23 governors have already agreed to implement the program and urged the remaining states to participate.
“Let’s put America’s children before politics,” she said.

US-POLITICS-ECONOMY

Melania Solves Problem Most Americans Never Think About

Foster Care

Melania Trump

Scott Bessent

Treasury

Treasury Department

Trump Accounts

Rep. Linda Sánchez (D-CA) <a href="http://pic.twitter.com/vCUNZadS5y">accused</a> Treasury Secretary Scott Bessent&#8217;s department of being “the most corrupt in American history” during a heated congressional hearing on Wednesday, then rattled off complaints outside the Treasury’s jurisdiction.
“Inflation is now rising faster than hourly wages, gas prices are at an all-time high with the war in Iran, the cost of groceries has risen 3.2% over the past two years, and prices on most goods have gone up because of Trump’s tariffs,&#8221; Sánchez said. &#8220;So I don’t see how you can call that anything other than a failure of the most corrupt Treasury Department in history.” 
Bessent rejected the characterization, saying she was “short on facts and long on hot air.” 
<blockquote class="twitter-tweet" data-media-max-width="560">
California Representative <a href="https://x.com/LindaTSanchez?ref_src=twsrc%5Etfw">@LindaTSanchez</a> tells Secretary Scott Bessent his Treasury Department is “the most corrupt in American history.”
She provides tariffs, war with Iran and a DOJ settlement as her evidence.
Tariff policy is led by the White House and aided by Section 232… <a href="https://t.co/vCUNZadS5y">pic.twitter.com/vCUNZadS5y</a>
— Brecca Stoll (@breccastoll) <a href="https://x.com/breccastoll/status/2062578590492045512?ref_src=twsrc%5Etfw">June 4, 2026</a></blockquote>
Sánchez&#8217;s criticism focused on several issues that are either directed by the White House or involve agencies beyond the Treasury&#8217;s direct policymaking authority.
Sánchez first targeted inflation, which she blamed on Trump’s tariffs and the conflict with Iran. Energy prices have increased since the military operations against Iran began, contributing to broader inflationary pressures. 
Bessent responded sharply: “On inflation, I will not take firefighting advice from an arsonist,” a reference to the inflation surge during the Biden administration.
Sánchez also criticized Trump’s tariff policies, arguing they have increased costs for American consumers. The Trump administration has defended the tariffs as necessary to reset foreign trade relationships and secure industries deemed critical to national security, including pharmaceuticals, semiconductors, steel, and critical minerals. The average household is likely to pay an extra <a href="https://budgetlab.yale.edu/research/state-us-tariffs-march-9-2026">$570</a> due to tariffs in 2026. 
While the Treasury ultimately receives tariff revenue after collection, trade policy is largely driven by the White House, the Commerce Department, and the Office of the United States Trade Representative. 
Finally, Sánchez targeted the IRS, which is part of the Treasury, for failing to audit Trump&#8217;s tax returns. Bessent responded that the Treasury follows existing legal guidance and suggested that disagreements over the matter should be directed to the Department of Justice. The Treasury Department is unable to audit Trump’s tax returns as the DOJ <a href="https://tax.thomsonreuters.com/news/doj-settlement-forever-bars-irs-trump-audits-sparks-backlash/">issued</a> an order that permanently barred the IRS from auditing past tax returns of not only President Donald Trump, but also his family, and related companies.
&#8220;At Treasury, we follow the rule of law,&#8221; Bessent said.

Treasury Sec. Scott Bessent

Democrat Tries To Own Scott Bessent But Doesn’t Understand How Government Works

The U.S. military is taking its blockade of Iran global, targeting Tehran’s shadowy “dark fleet” in a move aimed at choking off the regime’s illicit oil lifeline.
General Dan Caine, Chairman of the Joint Chiefs of Staff, warned that the U.S. Navy will &#8220;actively pursue” Iranian-linked ships not just in the Middle East, but in other theaters as well.
“The joint force through operations and activities in other areas of responsibility like the Pacific … will actively pursue any Iranian-flagged vessel or any vessel attempting to provide material support to Iran,” he said. “This includes dark fleet vessels carrying Iranian oil.”
Caine described the “dark fleet” as illicit or illegal ships “evading international regulations, sanctions or insurance requirements.”
The announcement marks a significant expansion of the U.S. naval blockade of Iranian ports and coastline into a worldwide enforcement effort. United Against a Nuclear Iran (UANI) has identified more than 570 vessels as part of Tehran’s so-called “dark fleet,” many of which are already under U.S. sanctions imposed by the Treasury Department’s Office of Foreign Assets Control (OFAC).
One such sanctioned vessel, the Rich Starry, drew international attention this week after appearing to successfully transit the Strait of Hormuz before turning back toward Iranian waters after reportedly facing the blockade. The Chinese-owned tanker bound for China, <a href="https://www.seatrade-maritime.com/security/sanctioned-tanker-pulls-strait-of-hormuz-u-turn">carrying</a> roughly 250,000 barrels of methanol loaded from the United Arab Emirates, is flagged to the landlocked country of Malawi — an indicator it is likely part of Iran’s “dark fleet” using false registration to evade sanctions. The vessel previously sailed under the name Full Star when it <a href="https://ofac.treasury.gov/recent-actions/20230302">was added</a> to the Treasury Department’s sanctions list in early 2023.
United States Naval Forces Central Command (USNAVCENT) issued an update about the blockade expansion, announcing that “all Iranian vessels with OFAC sanctions, and vessels suspected of carrying contraband, are subject to belligerent right to visit and search” regardless of location, according to <a href="https://www.seatrade-maritime.com/security/us-targets-dark-fleet-contraband-cargoes-with-blockade-extension">Seatrade Maritime News</a>.
Caine said that the blockade will apply to all ships, regardless of nationality, and that U.S. forces will enforce it both in international waters and “inside Iran’s territorial seas.”
He added that U.S. forces have yet to board any targeted vessels, but that 13 have turned around rather than attempt to break the blockade.
<a href="https://home.treasury.gov/news/press-releases/sb0405#:~:text=This%20action%20is%20in%20furtherance,have%20repeatedly%20and%20courageously%20demanded.">According to OFAC</a>, Iran’s illicit fleet serves as the “regime’s primary source of revenue for financing domestic repression, terrorist proxies, and weapons programs.”
The Treasury Department has also ramped up pressure through what it calls “Operation Economic Fury,” warning that financial institutions worldwide face consequences for facilitating Iran’s oil trade. The move also included new sanctions on more than two dozen individuals, companies, and vessels on Wednesday.
“Treasury is moving aggressively with Economic Fury, maintaining maximum pressure on Iran,” the department said, adding that it is prepared to use the full range of authorities — including secondary sanctions against foreign financial institutions that continue to support Tehran.
The department <a href="https://x.com/USTreasury/status/2044122873036673130">also said</a> a short-term authorization allowing the sale of Iranian oil stranded at sea will expire within days and will not be renewed. The waiver, <a href="https://gcaptain.com/maximum-pressure-returns-u-s-targets-shadow-fleet-tankers-as-iran-oil-waiver-expires/">issued</a> on March 20, permitted the sale of roughly 140 million barrels of oil already loaded onto vessels.
Under OFAC rules, sanctioned individuals and companies have any assets in the United States frozen, and businesses they own are also restricted. U.S. citizens and residents generally cannot do business with them, and foreign companies that help them can face secondary sanctions. Some violations can lead to civil or criminal penalties.

Venezuela Oil Tanker

New U.S. Target? Iran’s ‘Dark Fleet’ Long Accused Of Skirting The Rules.

Iran

Operation Epic Fury

U.S. Navy

Treasury Secretary Scott Bessent delivered a scathing response to The Financial Times after the outlet published a story — which he labeled &#8220;explicitly false&#8221; — about his plans for the future of the Federal Reserve.
The <a href="https://www.ft.com/content/9d1859f0-2f93-4ff1-8cfb-8046342bf9f7?syn-25a6b1a6=1">Financial Times</a> headline read, &#8220;Scott Bessent praised Bank of England as model for tighter oversight of Federal Reserve.&#8221; An X post promoting the piece followed the same general theme: &#8220;U.S. treasury secretary Scott Bessent discussed tightening the US Treasury’s oversight of the Federal Reserve by adopting elements of the Bank of England’s model.&#8221;
Bessent objected in a lengthy <a href="https://x.com/SecScottBessent/status/2037337495575134643?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E2037337495575134643%7Ctwgr%5E267dcd7cc78786bcb565c54c2e581946497d7248%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Ftwitchy.com%2Fsamj%2F2026%2F03%2F27%2Fscott-bissent-financial-times-n2426503">X post</a> of his own, explaining that as recently as 2025, he had written a comprehensive (<a href="https://www.international-economy.com/TIE_Sp25_Bessent.pdf">6,000+ words</a>) analysis of potential reforms for the Federal Reserve, and that he had never adopted a stance supporting a move toward the Chancellor-Bank of England statute for the relationship between the Treasury and the Federal Reserve.
&#8220;By publishing this explicitly false story, the @FT has officially become tabloid trash for market participants,&#8221; Bessent began, noting that he had gone on the record denying the premise of the story. &#8220;Despite my direct, on-the-record denial of ever having advocated, explored, or espoused the idea that Chancellor-Bank of England statute serving as a prototype for a Treasury-Federal Reserve relationship, FT journalists manufactured a story with the headline, &#8216;Scott Bessent praised Bank of England as model for tighter oversight of the Federal Reserve.'&#8221;
&#8220;These pathetic journalists have clearly fabricated a story to give the impression that both I and the Trump Administration are setting &#8216;about restructuring the relationship … at a time when President Donald Trump has launched an unprecedented assault on the world’s most important central bank,'&#8221; Bessent continued, referring to the story as a &#8220;mendacious assertion&#8221; backed only by anonymous &#8220;financial industry executives.&#8221;
&#8220;In short, FT has literally manufactured an entirely fake policy position for me and the Administration,&#8221; Bessent said. He went on to say that he didn&#8217;t understand why The Financial Times would go ahead with such a story — which he said could only further damage their credibility as journalists — unless their sole priority was to paint a picture of discord and division in President Donald Trump&#8217;s administration.
&#8220;Over the past 10 years, I have written more than 20,000 words opining on the Federal Reserve decisions, personnel, structure, and modifications. Nowhere have I ever mentioned this ridiculous notion,&#8221; Bessent added. &#8220;The Governor’s letters to the Chancellor have proven to be a useless and perfunctory device. There is much to be said about the storied Bank of England, but any recreation of its operating framework on this side of the Atlantic has never been contemplated.&#8221;
Bessent concluded with one last shot at The Financial Times, saying, &#8220;The shameful journalists and editors at the FT are shocking in their meretriciousness, lack of standards, and general intellectual libertinism. It is the worst tradition of Fleet Street to manufacture news rather than report on it. They have brought irredeemable shame to their parent organization, Nikkei Inc., with whom I had previously held excellent relations.&#8221;
<a href="https://www.international-economy.com/TIE_Sp25_Bessent.pdf">Bessent&#8217;s argument</a> for change in the Federal Reserve had more to do with reining in &#8220;institutional bloat&#8221; and the &#8220;overuse of nonstandard policies&#8221; created to address specific issues.
&#8220;As we saw during the covid pandemic, when lab-created experiments escape their confines, they can wreak havoc in the real world. Once released, they cannot easily be put back into the containment zone,&#8221; Bessent explained. &#8220;The &#8216;extraordinary&#8217; monetary policy tools unleashed after the 2008 financial crisis have similarly transformed the U.S. Federal Reserve’s policy regime, with unpredictable consequences.&#8221;

Treasury Secretary Scott Bessent

‘Tabloid Trash’: Scott Bessent Issues Scathing Response To Media Story On Plans For The Fed

'Tabloid Trash': Scott Bessent Issues Scathing Response To Financial Times Story On Plans For Fed

Federal Reserve

Media

Politics

WASHINGTON—President Donald Trump on Friday nominated former Federal Reserve governor Kevin M. Warsh to serve as the board&#8217;s next chairman.
Trump&#8217;s long-awaited <a href="https://www.dailywire.com/news/trump-names-next-fed-chair-pick-he-will-never-let-you-down?topStoryPosition=undefined&amp;author=Leif+Le+Mahieu&amp;category=News&amp;elementPosition=4&amp;row=1&amp;rowHeadline=Top+Stories&amp;rowType=Top+Stories&amp;title=Trump+Names+Next+Fed+Chair+Pick%3A+%E2%80%98He+Will+Never+Let+You+Down%E2%80%99" target="_blank" rel="noopener">announcement</a> comes after months of the president vowing to replace outgoing chairman Jerome Powell. Warsh came as a bit of a surprise, as conventional wisdom had coalesced around three candidates: National Economic Council director Kevin Hassett, BlackRock executive Rick Rieder, and Fed governor Christopher J. Waller.
In a Truth Social post, the president said that Warsh would &#8220;go down as one of the GREAT Fed Chairmen, maybe the best.&#8221; Warsh will need Senate confirmation to take his post, though with a Republican majority in the Upper Chamber, it seems likely that he will soon take the reins at the Fed.
Warsh began his career on Wall Street as an investment banker for Morgan Stanley before joining the Bush administration as an economic adviser in 2002. President George W. Bush named him to the Federal Reserve Board in 2006, where, at 35, Warsh became the youngest governor in the Fed&#8217;s history.
Warsh played a key role during the 2008 financial crisis, helping coordinate the central bank’s response. He was involved in efforts surrounding the government rescue and bailout of AIG and the emergency deal that led JPMorgan Chase to acquire Bear Stearns as markets unraveled.
After leaving the Fed in 2011, Warsh joined the board of UPS and became a distinguished visiting fellow in Economics at the Hoover Institution. Warsh met his wife, Jane Lauder, while they were undergraduates at Stanford University. Lauder is the daughter of Ronald Lauder, the heir of the Estée Lauder Companies and a close friend of President Trump. Lauder <a href="https://www.theguardian.com/us-news/2026/jan/15/ronald-lauder-billionaire-donor-donald-trump-ukraine-greenland" target="_blank" rel="noopener">reportedly</a> gave Trump the idea to purchase Greenland.
Warsh has gained a reputation as a fiscal hawk. “The United States is not Greece,” Warsh <a href="https://www.federalreserve.gov/newsevents/speech/kevin20100628a.htm" target="_blank" rel="noopener">said</a> in a 2010 speech. “We have the largest, most robust economy in the world. We have the deepest, most liquid financial markets. And the dollar is the world&#8217;s reserve currency, bestowing key advantages upon us. But, none of this is our birthright. It must be earned, and re-earned.”
He warned the Fed’s post-crisis stimulus could spark inflation and argued against expanding quantitative easing, pushing for a tighter monetary stance and a smaller Fed balance sheet.
He has argued that decisions over which assets the central bank buys and holds influence market pricing in ways he believes are better left to the Treasury Department. Like Treasury Secretary Scott Bessent, Warsh once worked for investor Stanley Druckenmiller, and has suggested that artificial intelligence could boost growth without reigniting inflation.
He has also drawn a firm line around the Federal Reserve’s role, stating, “The Federal Reserve is not a repair shop for broken fiscal, trade, or regulatory policies.”
Despite his reputation as a hawk, Warsh has recently argued for lower interest rates and sharply criticized Powell for moving too slowly.
“Their hesitancy to cut rates, I think, is actually quite a mark against them. It’s as if they’ve lost some of the credibility. Truth is, in economics and inflation, bygones are not bygones. The specter of the miss they made on inflation, it has stuck with them. So, one of the reasons why the president, I think, is right to be pushing the Fed publicly is we need regime change in the conduct of policy.”
Still, in December, the chief economist of Deutsche Bank <a href="https://www.investopedia.com/interest-rate-changes-could-be-on-the-way-under-kevin-warsh-trump-s-pick-for-fed-chair-11895919" target="_blank" rel="noopener">said</a> that “although Warsh has argued for lower rates recently, we do not view him as structurally dovish.&#8221;

Day Five Of The Spring Meetings Of The International Monetary Fund And World Bank

Who is Kevin Warsh? Meet President Trump’s Pick To Chair The Federal Reserve

Donald Trump

Greenland

Jerome Powell

Treasury Secretary Scott Bessent fired back at California Democrat Governor Gavin Newsom after Newsom mocked him for being “smug.”
In a Fox Business interview at the World Economic Forum in Davos, Bessent was discussing the Trump administration’s plan to limit or ban large institutional investors from buying single-family homes to ease supply shortages and keep housing more affordable for individual buyers.
The administration has floated measures to restrict big institutional investors (such as private equity firms and large corporate landlords) from purchasing single-family homes, since these entities have been accused of buying up large numbers of houses and reducing supply for regular buyers.
Bessent was explaining that any guidance on this policy would need to distinguish between true small “mom and pop” investors and large investors.
He used an example of a hypothetical small investor, saying, “We’re going to give guidance, at some point, to see, what is a mom and pop. Someone, maybe your parents for their retirement have bought 5, 10, 12 homes. So we don’t want to push the moms and pops out; we just want to push everyone else out,” meaning larger, institutional buyers.
Newsom mocked Bessent, writing on X, “Could this smug man be more out of touch?”
<blockquote class="twitter-tweet">
Could this smug man be more out of touch? <a href="https://t.co/GUqqi5KoNB">https://t.co/GUqqi5KoNB</a>
— Gavin Newsom (@GavinNewsom) <a href="https://twitter.com/GavinNewsom/status/2013744283136991407?ref_src=twsrc%5Etfw">January 20, 2026</a></blockquote>
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Bessent fired back:
<blockquote>
Governor Newsom, who strikes me as Patrick Bateman meets Sparkle Beach Ken, may be the only Californian who knows less about economics than Kamala Harris. He&#8217;s here this week with his billionaire sugar daddy, Alex Soros, and Davos is a perfect place for a man who, when everyone else is on lockdown, when he was having people arrested for going to church. &#8230; Shame on him. He is too smug, too self-absorbed, and too economically illiterate to know anything. &#8230; Let me know if you need any further clarification.
</blockquote>
<blockquote class="twitter-tweet">
California Governor Gavin Newsom called the Treasury Secretary smug. Today in Davos the Treasury Secretary responded.. and I have to quote this: &#8220;Governor Newsom, who strikes me as Patrick Bateman meets Sparkle Beach Ken, may be the only Californian who knows less about economics…
— Edward Lawrence (@EdwardLawrence) <a href="https://twitter.com/EdwardLawrence/status/2013916326801068099?ref_src=twsrc%5Etfw">January 21, 2026</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Newsom never lived a middle-class financial life as an adult; his career wasenabled by elite patronage, not grassroots entrepreneurship, as his father, William Newsom, a judge and political insider, was close friends with Gordon Getty, heir to the Getty oil fortune. Getty bankrolled Newsom’s first major business ventures, providing hundreds of thousands of dollars in startup capital.
Earlier this month, AP <a href="https://apnews.com/article/california-budget-gavin-newsom-last-year-deficits-6811fe4519bac5145f4002959690a280">pointed out</a>, “California Gov. Gavin Newsom’s office said the state faces a $2.9 billion budget deficit this year &#8230; It’s the fourth year in a row that the nation’s most populous state faces a multibillion-dollar budget deficit. This year’s shortfall comes despite growing revenues fueled by stock market gains and investments in artificial intelligence.”
Bessent came from a working family; his father was a real estate developer who experienced financial ups and downs. Bessent later earned a B.A. in political science from Yale University in 1984, then moved into finance.

MixCollage-21-Jan-2026-08-46-AM-5567

Bessent Fires Back At Newsom After ‘Smug’ Jab

California

Gavin Newsom

Treasury Secretary Scott Bessent said Friday that multiple money service businesses in Minnesota were under investigation for potentially transferring money stolen from the federal government overseas to Somalia.
Bessent made the comments during a press conference from the Minneapolis-St. Paul area where he announced actions that the Treasury Department and the IRS are taking to crack down on fraud. He said that multiple money service businesses — non-bank financial institutions that transmit money — had been informed that they were under investigation.
“Our citizens have a right to know that their tax dollars are not being diverted to fund acts of global terror, or to fund luxury cars for fraudsters. Democratic Governor Tim Walz has allowed welfare programs and fraud to spiral out of control,” he said. “Billions of dollars intended for hungry children, housing for disabled seniors, and services for children with special needs were diverted to people who cheated the system, some of whom are not even American citizens.”
Bessent said that the IRS and the Financial Crimes Enforcement Network (FinCen), the arm of the Treasury that investigates money laundering and terrorist financing, were looking into whether money fraudulently obtained through welfare programs went to Al-Shabaab, an Islamic terror group in Somalia.
Both agencies are investigating whether financial institutions complied with regulations to detect money laundering and other illicit activities. He did not disclose which money service businesses were under investigation.
“These businesses had an obligation to comply with anti-money laundering laws, and they will be held responsible for any crimes they committed,” he said.
Additionally, Bessent said that banks in Hennepin County, which encompasses Minneapolis, and Ramsey County, home to St. Paul, were being required to submit information about money transferred overseas.
Bessent estimated that around $300 million in funds had been fraudulently taken from the federal government through welfare programs meant to help impoverished children.
When asked by The Daily Wire&#8217;s Mary Margaret Olohan during the conference if Walz may be potentially wrapped up in the investigation, Bessent said, “It&#8217;s clear that Governor Walz has been negligent in his fiduciary duties as the chief executive of the state of Minnesota that this would happen on his watch, and we are actively pursuing all leads to see the level of involvement, whether it&#8217;s limited to just negligence and incompetence, or is something more than that.”
<blockquote class="twitter-tweet">
.<a href="https://twitter.com/MaryMargOlohan?ref_src=twsrc%5Etfw">@MaryMargOlohan</a> asks Sec. Bessent what role Tim Walz played in the Somali fraud scandal: <a href="https://twitter.com/SecScottBessent?ref_src=twsrc%5Etfw">@SecScottBessent</a>: &#8220;It&#8217;s clear that Gov. Walz has been negligent&#8230;We are actively pursuing all leads to see the level of involvement whether it&#8217;s limited to negligence and incompetence or… <a href="https://t.co/AY5IGfprY9">pic.twitter.com/AY5IGfprY9</a>
— Daily Wire (@realDailyWire) <a href="https://twitter.com/realDailyWire/status/2009671316090003698?ref_src=twsrc%5Etfw">January 9, 2026</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
In recent weeks, the Trump administration has mobilized multiple departments to investigate alleged widespread fraud in Minnesota, including allegations that millions of taxpayer dollars have been funneled to fraudulent daycares across the state throughout the past ten years.
The Department of Health and Human Services has stopped funding for childcare and other welfare programs to Minnesota while federal law enforcement investigates.

Bessent Says Fed Shouldn’t Delay On Rate Cuts, CNBC Says

Feds Flag Financial Institutions That May Have Sent Money To Somali Terrorist Org

Crime

Fraud

Minneapolis

Minnesota

Somalia

U.S.

When Treasury Secretary Scott Bessent engineered a unique deal with Argentina’s Javier Milei, Guy Nohra started paying attention to Bessent’s moves. 
Nohra, a venture capitalist with over three decades of experience, knows a solid operator when he sees one.
In the Trump administration, Nohra says that guy is Scott Bessent. — The Daily Wire
* * *
After more than three decades investing in life sciences, co-founding Alta Partners and backing more than 180 breakthrough companies, I’ve learned a simple truth: innovation thrives when financial stability meets vision. Under Treasury Secretary Scott Bessent, America is delivering both.
This week’s $20 billion swap line with Argentina, paired with the U.S. purchase of Argentine pesos to stabilize markets, showed a different face of American leadership — one built on partnership rather than pressure. At home, Bessent’s confirmation that fiscal year 2025 closed with a lower deficit-to-GDP ratio than the year before signaled a welcome return to fiscal discipline. For investors like me, that message matters.
In biotech, one of the few if not the only sectors where pre-revenue companies go public in bull markets, a steady and clear hand at the Department of Treasury is a must. Secretary Bessent’s quiet confidence is a welcome change from Janet Yellen’s “inflation is transitory” approach. The life sciences public sector has been in a funk since 2021 and is finally showing signs of recovery.
Furthermore, venture funding in private life sciences companies has climbed roughly 25% year over year, according to PitchBook. That is not coincidence; it is cause and effect. Bessent’s push for clarity and transparency in financial markets helps all sectors, but especially fragile ecosystems such as biotechnology.
Bessent also understands how fiscal health drives innovation. In recent remarks to community-bank CEOs, he urged them to “go on the offense” by adopting fintech and AI. That was not banker talk; it was a blueprint for growth. By modernizing lending rules and keeping borrowing costs low, he has opened new paths for regional lenders to support early-stage biotechs and rural innovation hubs.
Some critics claim his attention to global markets, such as the Argentina initiative, distracts from domestic priorities. They miss the larger point. In life sciences, borders are illusions. A stable global economy ensures supply-chain reliability, research collaboration, and steady talent flow. Bessent’s diplomacy prevents the kind of market shocks that raise costs and choke investment at home.
What sets him apart is a blend of intellectual rigor and street-smart optimism, refined through years in global markets and at the helm of his own firm, Key Square Capital. He is not a bureaucrat trading in slogans but a market-tested operator who knows how to turn downturns into momentum. In his speech at the Federal Reserve’s Community Bank Conference, he described a future where small lenders and big ideas combine to help America out-innovate China in quantum computing, biologics, and sustainable manufacturing. For those of us funding the next generation of cures, that vision is a North Star.
As we approach a decade that could redefine human health — CRISPR 2.0, personalized medicine at scale, regenerative medicine — Scott Bessent’s steady leadership is providing the runway. His policies may not make flashy headlines, but they are quietly powering America’s next economic renaissance.
To my fellow investors, entrepreneurs, and policymakers: let’s double down on this moment. His 3% average GDP growth, 3% annual budget deficits (as a percentage of GDP), and three million barrel increase in domestic oil production are aggressive but achievable goals.
Let’s support the initiatives Bessent is advancing, from expanded R&amp;D incentives to bold public-private partnerships in health technology. The future of life sciences, and of American competitiveness, depends on it.
* * *
Guy Paul Nohra is Co-Founder of Alta Partners and Co-Founder of Alta Life Sciences Spain. He is a venture capitalist, philanthropist, and former GOP gubernatorial candidate for Nevada. He holds a BA from Stanford University and an MBA from Booth School of Business, University of Chicago.
The views expressed in this piece are those of the author and do not necessarily represent those of The Daily Wire.
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White House To Ratchet Up Russia Sanctions, Bessent Says

The Steady Hand Guiding America’s Economic Renaissance

Argentina

Capitalism

Economy

Javier Milei

Money

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

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>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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

Trump Administration

The Treasury Department announced sanctions on Monday against an illicit fentanyl network tied to the Sinaloa Cartel as the Trump administration ramps up its war on drug traffickers. 
The department’s Office of Foreign Assets Control said the sanctions would impact eight Mexicans and 12 Mexico-based companies tied to the Sinaloa Cartel’s Los Chapitos faction. The State Department has designated the Sinaloa Cartel a Foreign Terrorist Organization.
“Over 500,000 Americans have died of fentanyl poisoning,” said Undersecretary for Terrorism and Financial Intelligence John K. Hurley. “President Trump has made clear that stopping the deadly flow of drugs into our country is a top national security priority. Under Secretary Bessent’s leadership, the Treasury Department is committed to dismantling the complex financial networks that support these terrorist organizations.”
The main company targeted by the sanctions is Sumilab, which the department said was responsible for shipping fentanyl precursor chemicals to the Sinaloa Cartel. A number of individuals affiliated with the company, including Jorge Luis Favela Lopez, Francisco Favela Lopez, Victor Andres Favela Lopez, and Martha Emilia, were all sanctioned. 
The department said that the family was “responsible for supplying and distributing precursor chemicals and lab equipment to Sinaloa Cartel-affiliated chemical brokers and lab operators, who produce illicit fentanyl and methamphetamine.”
<div class="image"><img loading="lazy" decoding="async" class="size-full wp-image-981565 aligncenter" src="https://dw-wp-production.imgix.net/2025/10/Screenshot-2025-10-06-at-9.20.23-AM.png" alt="" width="1583" height="1183" srcset="https://dw-wp-production.imgix.net/2025/10/Screenshot-2025-10-06-at-9.20.23-AM.png 1583w, https://dw-wp-production.imgix.net/2025/10/Screenshot-2025-10-06-at-9.20.23-AM-300x224.png 300w, https://dw-wp-production.imgix.net/2025/10/Screenshot-2025-10-06-at-9.20.23-AM-771x576.png 771w, https://dw-wp-production.imgix.net/2025/10/Screenshot-2025-10-06-at-9.20.23-AM-768x574.png 768w, https://dw-wp-production.imgix.net/2025/10/Screenshot-2025-10-06-at-9.20.23-AM-1536x1148.png 1536w" sizes=" (max-width: 1583px) 100vw, 1583px" /></div>
Sumilab was first targeted by the Treasury Department back in 2023, after which the company removed signs from its building.
<div id="attachment_981557" style="width: 634px" class="wp-caption aligncenter"><img loading="lazy" decoding="async" aria-describedby="caption-attachment-981557" class="wp-image-981557 size-full" src="https://dw-wp-production.imgix.net/2025/10/unnamed-5.png" alt="" width="624" height="188" srcset="https://dw-wp-production.imgix.net/2025/10/unnamed-5.png 624w, https://dw-wp-production.imgix.net/2025/10/unnamed-5-300x90.png 300w" sizes=" (max-width: 624px) 100vw, 624px" />Treasury Department</div>
Also sanctioned was Martha Emilia Conde Uraga, who, the department stated, was a “longtime” Sinaloa Cartel-affiliated chemical broker operating out of several locations in Culiacán, Mexico.
“Utilizing fraudulent invoicing and other concealment methods, Conde Uraga supplies precursor chemicals to drug traffickers and lab operators working for the Los Chapitos faction of the Sinaloa Cartel,” the department said. 
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Seven other chemical, laboratory equipment, and agriculture-related companies operated by the Favela Lopez family, including Agrolaren, Viand, Favelab, Qui Lab, and Storelab, were also sanctioned, the Trump administration said. 
As a result of the sanctions “all property and interests in property of the designated or blocked persons described above that are in the United States or in the possession or control of U.S. persons are blocked and must be reported to” the department and “any entities that are owned, directly or indirectly, individually or in the aggregate, 50 percent or more by one or more blocked persons are also blocked.”

President Trump Signs Executive Order In The Oval Office

Trump’s Treasury Sanctions Entities Tied To Notorious Mexican Cartel

Drug Cartels

Fentanyl

Sinaloa Cartel

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

Supreme Court

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