New court records show that the mother of Democratic Michigan Senate nominee Abdul El-Sayed worked for an American-based Islamic charity later designated by the federal government as a terrorism supporter, after the organization was accused of financially supporting Osama bin Laden, the Taliban, and Hamas.
Fatten Fathy Elkomy, El-Sayed’s birth mother, worked for the Islamic American Relief Agency (IARA), also known as the Islamic African Relief Agency, from 1999 through at least 2004, according to records first reported by the <a href="https://www.themidwesterner.news/2026/08/docs-abdul-el-sayeds-mother-worked-for-designated-terror-group-iara-that-provided-direct-financial-support-to-osama-bin-laden-taliban-hamas">Midwesterner</a>. The Treasury Department designated IARA a global terrorist organization in October 2004.
The Treasury Department <a href="https://home.treasury.gov/news/press-releases/js2026">accused</a> IARA’s international offices of providing “direct financial support” to bin Laden, al-Qaeda, and other terrorist organizations. 
The Treasury designation said IARA had been affiliated with Maktab al-Khidamat, an organization co-founded and financed by bin Laden that was a precursor to al-Qaeda. According to the department, IARA and bin Laden’s network had commingled funds and cooperated in fundraising and spending. An IARA program also worked with an institute controlled by bin Laden that provided assistance to Taliban fighters, Treasury said.
The department further said that information available to the U.S. government showed that overseas IARA branches provided hundreds of thousands of dollars to bin Laden in 1999. 
IARA&#8217;s American operation was later separately prosecuted by the Justice Department over illegal transfers to Iraq. In 2016, IARA-USA <a href="https://www.justice.gov/usao-wdmo/pr/iara-pleads-guilty-transferring-nearly-14-million-iraq-violation-sanctions?">pleaded guilty</a> to conspiring to violate U.S. sanctions and other offenses after secretly transferring $1.375 million to Iraq. 
Federal prosecutors said the organization had used its tax-exempt status to solicit donations while concealing prohibited transfers. The organization was subsequently dissolved. 
Several IARA officials and employees were also prosecuted. Executive Director Mubarak Hamed received nearly five years in prison after pleading guilty to conspiring to illegally transfer more than $1 million to Iraq, obstructing tax laws, and lying to federal agents. Another top IARA fundraiser pleaded guilty to conspiring to lobby for the organization’s removal from a government list of charities suspected of terrorist ties. 
Elkomy was not charged in the federal case or named as a co-conspirator, and the court records cited here do not establish that she knowingly supported terrorism.
In a 2004 interview with the St. Louis Post-Dispatch, Elkomy defended her work for IARA, saying she was helping orphans and children who had lost a parent. 
“I’ve been working there serving orphans and children with at least one deceased parent, and it breaks my heart they’re not going to get any help,” Elkomy said at the time.
Court records from the subsequent IARA prosecution nevertheless reference Elkomy multiple times. According to the Midwesterner’s review of the government&#8217;s proposed exhibit list, her name appears in 14 exhibits, including records involving eight wire transfers and five recorded telephone calls between 1999 and 2002. 
One document concerned an IARA-USA request to transfer $24,607.34 to its Iraq office.
The revelation comes as El-Sayed, who narrowly <a href="https://www.dailywire.com/news/abdul-el-sayed-secures-far-lefts-biggest-victory-yet-over-dem-establishment">won the Democratic nomination</a> for Michigan’s open Senate seat earlier this month, campaigns to become the first Muslim elected to the U.S. Senate. He will face Republican Mike Rogers in November.
The newly uncovered records add to previously reported connections between El-Sayed’s family and organizations with documented ties to Islamist networks. His father-in-law, Tayeb Jukaku, <a href="https://freebeacon.com/democrats/abdul-el-sayeds-father-in-law-a-top-donor-to-an-el-sayed-super-pac-is-among-top-leaders-of-muslim-brotherhood-organization-linked-to-terror-funding/">has served</a> on the founding committee of the Islamic Society of North America (ISNA) since at least 2007 and previously served as president of the Michigan chapter of the Council on American-Islamic Relations (CAIR). Jukaku has also contributed hundreds of thousands of dollars to Fighting for Michigan PAC, a super PAC supporting El-Sayed. 
Both ISNA and CAIR were identified as unindicted co-conspirators in the federal Holy Land Foundation terrorism-financing case. Federal prosecutors claimed that the Holy Land Foundation funneled more than $12 million to Hamas, while a federal judge later found that the government had presented ample evidence connecting ISNA and CAIR to Hamas. 
The family connections come as El-Sayed has faced scrutiny over his own <a href="https://www.dailywire.com/news/abdul-el-sayed-dedicated-his-life-to-sharia-law">past statements </a>concerning Islam and Sharia law. As a 24-year-old medical student in 2009, El-Sayed told The New York Times that he had chosen a Sharia-compliant mortgage because he did not want to reach the end of his life having failed to follow Islamic law.
“Ultimately, the question is, when I die and I stand before God and go through everything I did in my life, I don’t want to say I did it the easy way instead of the Sharia-compliant way,” El-Sayed said at the time.
The Daily Wire reached out to El-Sayed’s campaign for comment but did not receive a response before publication.

Abdul El-Sayed/Dearborn

Abdul El-Sayed’s Mother Worked For Terror Group That Funded Bin Laden And Taliban

2026 Midterms

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The Trump administration is moving to claw back tens of millions of dollars in pandemic relief that went to celebrities, music artists, and entertainment industry elites.
The Small Business Administration announced Tuesday that it has referred $34 million in outstanding Shuttered Venue Operators Grant (SVOG) debt to the Treasury Department, marking the first time the federal government has referred unresolved debt from the program to the Treasury for collection.
The move is part of a broader effort by SBA Administrator Kelly Loeffler to recover pandemic-era funds that the agency says were improperly awarded or remain outstanding. 
“Under the Biden Administration, the SVOG program became one of the biggest cash-grabs of the pandemic,” Loeffler said in a statement first obtained by The Daily Wire. “For the last year, the Trump SBA has been working to recoup funds meant for struggling small arts and entertainment businesses that ended up lining the pockets of celebrities, music artists, and elite talent agents.”
“Today’s $34 million referral to the Treasury Department is only the first one,” she added, saying the agency will continue using “every lawful tool to claw back unmerited SVOG payments.”
The Treasury referral comes after recipients failed to resolve outstanding repayment obligations through the SBA’s debt-resolution process. The $34 million figure includes principal, applicable administrative costs, and accrued interest. The Biden administration never referred the outstanding SVOG debts to the Treasury for collection, according to the SBA.
The SVOG program was created during the COVID-19 pandemic to provide emergency assistance to live venue operators, promoters, theatrical producers, performing arts organizations, museums, movie theaters, and talent representatives whose businesses were affected by pandemic-related shutdowns and revenue losses.
Congress authorized $16.25 billion for the program, with individual applicants eligible for grants of up to $10 million. 
But the program ultimately became a source of millions of dollars in federal aid for some of the entertainment industry&#8217;s wealthiest names. <a href="https://www.businessinsider.com/lil-wayne-chris-brown-covid-relief-funds-svog-grant-2024-12">Business Insider</a> previously reported that musicians including Lil Wayne, Chris Brown, Marshmello, Steve Aoki, and members of Alice in Chains received millions of dollars through the program.
Lil Wayne&#8217;s touring company received an $8.9 million grant. Records reviewed by Business Insider showed that more than $1.3 million was spent on private-jet flights and more than $460,000 on clothing and accessories, while nearly $88,000 was charged to taxpayers for a concert the rapper did not ultimately perform.
Chris Brown&#8217;s touring company received $10 million, with approximately $5.1 million going to Brown personally. His company also charged nearly $80,000 to the grant for his birthday party.
Marshmello received $9.9 million, while Steve Aoki&#8217;s touring company received millions more. Business Insider reported that Aoki&#8217;s company used approximately $1.9 million of its grant for officer pay.
The program&#8217;s rules allowed recipients to spend grant money on a broad range of authorized business expenses, including payroll and owner compensation. That meant wealthy artists could qualify through corporate entities connected to their touring operations even if they personally possessed substantial assets, provided their businesses met the program&#8217;s eligibility requirements.
The grants were intended to help keep struggling businesses in the live entertainment industry afloat during the pandemic, when venues and performances were shut down across the country.
Instead, critics have pointed to instances in which large sums flowed to already wealthy entertainers and their business managers.
The SBA now says it is attempting to recover money it determined was improperly awarded or remains subject to repayment.
The agency began issuing rescission and demand letters to SVOG recipients in June 2025. Those recipients were given opportunities to appeal the agency&#8217;s determinations or enter repayment agreements before the SBA pursued additional collection measures.
The agency says it has recovered more than $50 million through voluntary and involuntary payments since the Trump administration began its recovery effort.
The SBA said additional referrals could follow as it continues reviewing outstanding awards and resolving recipients&#8217; repayment obligations. The SBA&#8217;s Office of Inspector General identified approximately $544 million in potentially improper SVOG payments. It also found that 2,590 awards worth approximately $4.8 billion remained open more than a year after they were supposed to have been closed out.
A separate 2025 inspector general report found that 1,080 SVOG grants remained open as of May 2025, meaning the agency had not yet fully accounted for how the funds were used. Roughly two-thirds of those recipients had either failed to submit required audits or failed to respond to questions about their use of the funds.
The program&#8217;s problems began almost immediately after Congress authorized the grants.
In 2021, amid pressure from lawmakers to get money out to struggling entertainment businesses as quickly as possible, the Biden administration directed SBA personnel to “presume applicant assertions to be true” and expedited the review of applications under $500,000. As many as two-thirds of approved applicants were reportedly on the Treasury Department&#8217;s Do Not Pay List. The SBA says its current effort is intended to restore accountability and ensure that pandemic-relief programs do not become a permanent loss for taxpayers.

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EXCLUSIVE: A-Listers Got $34 Million In COVID Relief, The Trump Admin Is Trying To Get It Back

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The Trump administration reported the single largest month for arrests by ICE in July, but now, its efforts are moving beyond the border and into community banks. 
Treasury Secretary Scott Bessent traveled to Arizona on Thursday to tell lenders to view credit applications under an increasingly scrutinized lens. 
&#8220;This administration will not tolerate blatant abuse of our financial system, nor will it permit risks posed by the extension of financial services to illegal aliens,&#8221; Bessent <a href="https://home.treasury.gov/news/press-releases/sb0595">told</a> the bankers. 
He was careful to frame the ask as part of the bankers’ ordinary duties rather than an expansion into border enforcement. 
&#8220;We do not ask bankers to assume the burdens of border enforcement,&#8221; Bessent said. &#8220;But we depend on banks to do what you do best: know your customers, identify risks as they arise, and report suspicious patterns before they metastasize into criminal schemes.&#8221;
The administration is pushing the banks to view lending money to undocumented immigrants as an added risk. The administration outlined concerns, such as the possibility of deportation and termination after an employer discovers the employee doesn&#8217;t have a valid work authorization. The guidance does not carry the force of law, however, as banks are not prohibited from offering accounts or loans to illegal immigrants.
Bessent argued that Arizona carries particular weight in the effort, telling the bankers the state &#8220;remains uniquely exposed to the aftershocks of Biden&#8217;s border crisis, including cartels and criminal organizations that seek to conceal illicit proceeds within legitimate channels.&#8221; He made similar remarks in Texas, given its proximity to the southern border. 
Critics of the Trump administration&#8217;s new guidance argue that community banks will suffer if they have to bear the burden of increased compliance as they face pressure to more closely scrutinize their customers. 
The National Association of Latino Credit Unions and Professionals <a href="https://inclusiv.org/news/inclusiv-nlcup-joint-statement-executive-order-restoring-integrity-americas-financial-system">said</a> the guidance will create a “nearly insurmountable operations and compliance burden for financial institutions in tracking the immigration and work authorization status of their members. This burden will be felt most acutely by small credit unions and will likely lead to closures and fewer affordable financial services in the communities that need credit unions the most.”
Bessent responded to that criticism by framing the federal government&#8217;s relationship with community banks as a two-way street. The secretary told the audience that even as Washington leans on community banks for vigilance, Treasury owes them relief from what he called years of &#8220;overregulation&#8221; that has cut the number of community and small banks in half since the 2008 financial crisis. 
&#8220;Dodd-Frank was supposed to end &#8216;too big to fail,'&#8221; Bessent said. &#8220;Instead, it created &#8216;too small to succeed.&#8217;” 
He reminded the banks of the administration’s commitment to reducing regulation and reminded them that increased regulation did not stop three bank failures in 2023.

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

Trump Admin Taps Surprising New Partner To Combat Illegal Immigration

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The United States and Japan jointly intervened in currency markets for the first time since 1998, with President Donald Trump calling the move a &#8220;signal of friendship&#8221; toward one of America&#8217;s closest allies.
Asked Monday why the United States stepped in to help strengthen Japan&#8217;s currency, Trump said the decision reflected the close relationship between the two nations while emphasizing that the move would also benefit the United States.
“Everybody wants help from our country,” Trump  said. “We have a good relationship with Japan. We are very strong, very strong financially. And they have a weakening yen and they wanted a little bit of help. And we are always there for Japan. Japan’s been very good for us with the exception of Pearl Harbor. It was really more than anything else, it was a signal of friendship.”
The coordinated intervention, reportedly valued at between $5 billion and $10 billion, marked the first joint U.S.-Japan effort to purchase yen in nearly three decades.
Even before the operation was publicly announced, Reuters photographers captured Treasury Secretary Scott Bessent’s handwritten notes during a Cabinet meeting at Camp David. Among the items on his to-do list: “Buy Japanese Yen (JPY) $5-$10 bil.&#8221; 
Japan’s Finance Ministry said it requested U.S. assistance to <a href="https://www.nytimes.com/2026/08/02/business/us-japan-yen.html">counter</a> what it described as “excessive volatility and disorderly movements” in the yen after the currency fell to its weakest level against the U.S. dollar since 1986. As part of the operation, the United States reportedly sold euros to purchase yen. 
Economists <a href="https://www.cnn.com/2026/08/02/business/us-buys-japan-yen-intl-hnk">said</a> the Iran war added pressure to Japan&#8217;s currency by driving up global energy prices, increasing costs for the import-dependent country.
“The energy price shock triggered by the US-Iran war has been the last catalyst for a weaker yen, which has been reinforced by the recent hawkish shift in Fed policy communication,” senior currency economist Lee Hardman said.
Japan repeatedly warned about the conflict&#8217;s economic impact before the intervention. Prime Minister Sanae Takaichi <a href="https://www.reuters.com/world/middle-east/japan-calls-de-escalation-iran-conflict-2025-06-23/">called</a> for de-escalation in June after warning the war was having an enormous effect on the region. 
Japanese Finance Minister Satsuki Katayama indicated the two countries could intervene again if necessary. Bessent <a href="https://www.ft.com/content/5de204a4-4db6-458c-aa9a-324e6bd5e766?syn-25a6b1a6=1">echoed</a> that position, saying the Treasury Department would “not hesitate to participate in further joint intervention.” 
The Federal Reserve has also allowed Japan to borrow money from the Fed, helping it avoid selling U.S. Treasury securities to support the yen.
The yen climbed to a three-month high Monday following the joint currency intervention. 
The operation comes amid strengthening ties between Washington and Tokyo under the Trump administration. Last year, Japan pledged to invest $550 billion in the United States under a bilateral trade agreement, and Trump publicly <a href="https://www.reuters.com/world/asia-pacific/trump-congratulates-japans-takaichi-election-win-2026-02-08/">endorsed</a> Takaichi days ahead of her reelection, calling her &#8220;a highly respected and very popular leader.&#8221;

U.S. President Trump Visits USS George Washington In Japan

Trump Makes Rare Move To Bailout Ally’s Collapsing Currency

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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.

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Melania Solves Problem Most Americans Never Think About

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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.

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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

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>
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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>
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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

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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