Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, delivered the following opening statement during a full Committee hearing entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.”
“Thank you, Mr. Chairman.
“Since the very first day of the Trump Administration, Members of Congress and the American public have demanded transparency and accountability regarding the economic calamity his regime has caused. Instead, we’ve been met with flat out lies, deception, and an unfathomable level of gaslighting by officials like today’s witness.
“Secretary Bessent, you are about to go down in history as the man who oversaw one of the most significant economic downfalls in modern history.
“The U.S. economy, which had the strongest recovery from the pandemic compared to other large economies in the world, is now falling behind. In the first quarter since Trump took office, the U.S. economy shrank, with our Gross Domestic Product decreasing by 0.3 percent. We are falling behind while Canada, Europe, and China are racing ahead. What happened to the Golden Age you and President Trump promised the American people?
“Mr. Bessent, you are also the face of what the Wall Street Journal has described as ‘the dumbest trade war in history.’ As a result of this stupidity, U.S. stock markets have experienced the worst first 100 days of any presidential term in more than fifty years.
“America’s CEOs are sounding the alarm of what’s to come: empty shelves and higher prices that the American consumer will pay. Companies are already running out of inventory, port volume is down, and small businesses are warning that they will not survive this. Moreover, inflation remains a problem and housing affordability continues to be a challenge, with homebuilders estimating Trump's tariffs will add $11,000 to each new home they build.
“I have no doubt that I am telling you stuff you already know. It has been reported that you yourself admitted at an April 22nd closed-door investor summit that Trump 's tariffs on China are ‘unsustainable’ But, in public, you’ve twisted yourself into a pretzel trying to justify them. You’re gaslighting the American people into believing this chaos is all part of some master plan. Well, if the plan is to steer the U.S. economy into a recession – as economists are predicting – then it’s working.
“Economists say the Trump Tariff War will cost, on average, each American family nearly $5,000 more per year. Mr. Bessent, perhaps you and your ultra wealthy group of insiders can afford this, but most Americans cannot.
“The American people also deserve to know why you handed Elon Musk and his DOGE minions access to Treasury’s payment systems and the Consumer Financial Protection Bureau’s database. Today, you need to tell the American people why you’re dismantling agencies that protect consumers from financial fraud and abuse, and weakening ones meant to support the small businesses struggling under the weight of your policies. You need to answer for this and you need to answer for why senior members of this Administration are trying to make a buck off of this market manipulation and blatant, brazen corruption.
“Chairman Hill, if I were you, I'd swear the witness in before he begins his testimony.”
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