US Treasury Secretary Bessent Pushes Back on Warren: Treasury Buyback Plan Is Not "Unprecedented"

Odaily News: U.S. Treasury Secretary Bessent sent a letter to Senator Elizabeth Warren in response to her questions regarding the Treasury Department's related policies, stating that Warren's understanding of financial markets "lacks foundation," criticizing her previous support for the Biden administration's spending policies, and attributing the economic consequences to the Federal Reserve rather than fiscal policy.

In response to Warren's claim that recent U.S. "intervention measures are unprecedented," Bessent said in the letter that the relevant Treasury buyback program has been in place since May 2024 and has been welcomed by market participants. The program aims to enhance liquidity in the U.S. Treasury market, reduce market volatility, improve the convenience yield of Treasuries, and secure better value for taxpayers. The tax policies promoted by the Trump administration are benefiting families and workers, including measures such as tax exemptions on overtime income, tax exemptions on tip income, additional deductions for seniors, and the child tax credit.