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 with U.S. Treasury Secretary Scott Bessent entitled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.” 

Secretary Bessent,  

You’ve broken many promises since you last appeared before this Committee. You pledged deeper cooperation with our trading partners, stronger American leadership, and greater stability in the global financial system. The reality, however, as Democrats warned, is an increasingly isolated America, a weak, self-serving presidency, and instability everywhere, including here at home.  

Your deflection and gaslighting should be interesting. What tales will you tell about economic super cycles when families take out loans to buy food? What stories will you spin to Americans whose homeownership dreams slip away with 7% mortgage rates and tariffs on building-materials adding nearly $11,000 to the cost of a new home? What do you say to businesses struggling to survive under your nonsensical trade policies? What answers do you have for $6 diesel and impacts of Trump’s war in Iran that are driving up the cost of everything?  

President Trump and Committee Republicans assured the American people that you were the quote “steady hand” who would improve the economy. Well, after 20 months of Trump’s economy, I say your hands are shaking. Americans know the truth because they feel it at the grocery store, the gas pump, in their wallets, and around their kitchen tables. The only “boom” that’s happening is the one where the Trump and his family have made more than $2.2 billion since taking office.  

Ironically, while families endure, Mr. Secretary, you’ve managed to find billions to bail out Argentina and your Wall Street buddies. You committed US assets to support Japan’s currency while you failed to lower long term interest rates. You have attacked the economies of our closest allies, driving up costs here at home. You’ve been cozying up to Putin, giving waivers to Russia to earn billions from sanctioned oil and extending its war against Ukraine. Just imagine if this Administration cared even half as much about struggling Americans.  

Who else benefits while you ignore your responsibilities? Wall Street, for one. The stock market may be hitting record highs, but one out of five Americans are rationing their meals. AI companies, too, are doing very well on your watch, while you dismiss the threat to workers, jobs, our financial system and even our very existence.  

And we can’t forget crypto. You called stablecoins a “revolution,” predicting increased demand for U.S. Treasuries. Yet, you are ignoring the massive conflicts of interest in the Trump family stablecoin and crypto businesses. The Trump family is cashing in from the Oval Office while Main Street suffers. Committee Democrats have given you every opportunity to do the right thing. We’ve sent letters, demanded answers, but consistently, you’ve disregarded or ignored our oversight.  

This hearing is traditionally an opportunity for the Treasury Secretary to deliver facts to this Committee and the American people. But I caution everyone listening today: Whatever you hear today, check it. Question it. Don’t be gaslit by the Trump Administration’s spin and deception.  

And a word about Cuba. You cut off all the oil to Cuba. You’re starving the families. You’re starving the children. They don’t have electricity they can’t get food in. 

What are you doing Mr. Secretary? Why are you being so cruel? I know we have a cruel President, but do you have to be a puppet? Do you have to do whatever he wants you to do? What are you doing to this country? You’re making us not only look bad, but act bad all over the world. And I want to tell you that history is not going to be kind to you or this Administration. 

 And I say to you, stop trying to kill off the families in Cuba. Stop starving the children. Let the oil flow. Let them have electricity. Allow them to get trade and food.  I could go on all day, but this is not a fun day for me. This is a very critical time, and you are in a position where you could do a lot better. You could be kinder. You don’t have to be cruel. You don’t have to see children starving and dying.  

And with that Mr. Hill, I yield back the balance of my time.