Trump’s treasury nominee turns tables on Sanders in testy exchange about Biden’s ‘oligarchy’ comments

Scott Bessent, President-elect Trump’s nominee to lead the Treasury Department, sparred with Sen. Bernie Sanders, I-Vt., over whether the U.S. is heading toward an oligarchy. 

On Wednesday, President Biden said in his farewell address that “an oligarchy is taking shape in America of extreme wealth, power and influence that literally threatens our entire democracy, our basic rights, freedoms and a fair shot for everyone to get ahead.”

In response, Sanders said he agreed with Biden and specifically called out tech giants Elon Musk, Jeff Bezos and Mark Zuckerberg during Bessent’s confirmation hearing Thursday before the Senate Finance Committee. 

“The three billionaires you listed all made their money themselves,” Bessent said. “Mr. Musk came to the country as an immigrant.”

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Sanders cut Bessent off and reiterated his question. 

“Well, I would note that President Biden gave the Presidential Medal of Freedom to two people who I think would qualify for his oligarchs,” Bessent said. 

Bessent’s comment referred to billionaires George Soros and David Rubenstein, who received the award from Biden earlier this month. Bessent, a hedge fund billionaire himself, previously worked for Soros.

“This is not a condemnation of any one, individual,” Sanders said. “I’m just asking you, with so few people [having] so much wealth and power, do you think that is an oligarchic form of society?”

“Senator, I think it depends on the ability to move up and down the income,” Bessent said. 

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Sanders interrupted Bessent again and eventually dropped the topic before asking Bessent whether the hedge fund billionaire would “work with those of us who want to raise the federal minimum wage to a living wage to take millions of Americans out of poverty.” 

“Senator, I believe that the minimum wage is more of a state and regional issue,” Bessent said. 

“You don’t think we should change the federal minimum wage?” Sanders said. “We have $7.25 an hour.”

“No sir,” Bessent replied. 

Sanders is an outspoken advocate for raising the federal minimum wage and introduced legislation in 2023 that would raise it to $17 by 2028. 

Sanders’ home state of Vermont boosted its minimum wage from $13.67 to $14.01 per hour this month. The federal minimum wage has remained $7.25 since 2009. 

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Bessent discussed a range of policy issues with lawmakers Thursday, including tariffs, tax cuts and sanctions against Russia. 

Bessent said renewing the 2017 Tax Cuts and Jobs Act that Trump approved during his first administration is paramount. Many of the reforms in the measure are slated to sunset in 2025, but failing to renew the cuts would undermine the middle and working classes, Bessent said. 

“This is the single most important economic issue of the day,” Bessent said. 

“If we do not renew an extension, then we will be facing an economic calamity. And, as always with financial instability, that falls on the middle and working class.”