Treasury Secretary Scott Bessent was accused of being Donald Trump’s “flunky” during an unexpectedly heated hearing of the House Financial Services Committee.
New York Rep. Gregory Meeks was among a number of Democrats who confronted Bessent on Wednesday in a meeting on Capitol Hill focused on financial stability.
Meeks questioned Bessent over reports that the Trump family’s controversial cryptocurrency firm World Liberty Financial had sold a $500 million stake to a “foreign asset firm” from the United Arab Emirates shortly before the president’s inauguration.
Meeks said to Bessent it was not about “a shady crypto deal,” instead suggesting that when a foreign investor is putting hundreds of millions into a company controlled by the president’s family at the same time the president is conducting foreign policy with that country, it creates a “national security concern.”
Trump and his sons, Donald Jr. and Eric, founded World Liberty Financial in 2024, along with two sons of U.S. special envoy Steve Witkoff.
When Meeks asked Bessent if he would do a “complete investigation and scrutiny” of World Liberty Financial at the Office of the Comptroller of the Currency, the treasury secretary said the OCC is an “independent entity” before actively avoiding answering what Meeks kept repeating was a yes or no response.
Bessent accused the Democrat of going to Venezuela in 2006 “to lobby [former Venezuelan President] Hugo Chávez on behalf of your donors.”
“I take that as a no. You do not want to answer that question. I take that as a no…” Meeks said, with Bessent interjecting, “For $7 billion.”
Meeks raised his voice and pointed his finger at Bessent. “I’m asking you to do your responsibility as secretary of the treasury,” before being told his time was up.
He then continued to point at Bessent, shouting at him, “Stop covering for the president. Don’t be a flunky. Work for the American people. Work for the American people. Don’t be a cover-up for a mob.”
Meeks later posted the definition of a “flunky” on his X account.
Bessent was also confronted by California Rep. Maxine Waters, a Democrat, during Wednesday’s Annual Report of the Financial Stability Oversight Council.
Waters, the Financial Services ranking member, took Bessent to task over Trump’s tariff agenda, claiming it had led to an increase in “prices across the board”, citing costs of steel and lumber to build houses.
Bessent insisted lumber prices were actually at a “five-year low.” Waters, 87, also called out Trump’s ICE raids for “terrorizing… American communities,” which had “harmed home construction” across the U.S.
“So, I ask you, Secretary Bessent, will you be the voice of reason in the administration and urge Trump to stop waging a war on American consumers and on housing affordability, and putting the economy at risk?” she added. “Yes or no? You don’t have to explain.”
The two then talked over each other with Waters stating she was “reclaiming my time.” As Bessent fired off economic figures, Waters said “Can you shut up?”
Bessent replied, “Can you maintain some level of dignity?”
The Daily Beast has contacted reps for Bessent, Waters and Meeks for comment.
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