President-elect Trump's nominee, Scott Bessent, fired back at Sen. Sanders after repeatedly questioning him about Biden's “oligarchy” comments.
Scott Bessent, President Trump's nominee to head 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 of extreme wealth, power, and influence is forming in America that literally threatens our entire democracy, our basic rights, freedoms, and a fair chance 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 before the Senate Finance Committee on Thursday.
“All three of the billionaires you listed made their own money,” Bessent said. “Mr Musk came to the country as an immigrant.
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Scott Bessent, Trump's nominee for Treasury Secretary, testifies during his Senate Finance Committee confirmation hearing in the Dirksen Building, Thursday, Jan. 16, 2025. (Tom Williams/CQ-Roll Call, Inc via Getty Images/Getty Images)
Sanders interrupted Bessent and repeated his question.
“Well, I would like to note that President Biden has given the Presidential Medal of Freedom to two people who I think would qualify as his oligarchs,” Bessent said.
Bessent's comment was in reference to billionaires George Soros and David Rubenstein, who received the award from Biden earlier this month. Bessent, a hedge fund billionaire himselfhe used to work for Soros.
“This is not a condemnation of anybody, an individual,” Sanders said. “Just asking you, with so few people [having] so much wealth and power, do you think it's an oligarchic form of society?”
“Senator, I think it depends on the ability to move up and down with income,” Bessent said.
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Sen. Bernie Sanders, I-Vt., speaks during a news conference at the U.S. Capitol in Washington, DC, on October 6, 2021. (Stefani Reynolds/Bloomberg via Getty Images/Getty Images)
Sanders interrupted Bessent again and eventually dropped the subject before asking Bessent if the hedge fund billionaire would “work with those of us who want to raise the federal minimum wage to a living wage to lift millions of Americans out of poverty.”
“Senator, I believe the minimum wage is more of a state and county issue,” Bessent said.
“Don't you think we should change the federal minimum wage?” Sanders said. “We're at $7.25 an hour.”
“No, sir,” replied Bessent.
Sanders is an outspoken supporter of raising the federal minimum wage and introduced legislation in 2023 to raise it to $17 by 2028.
Sanders' home state of Vermont this month raised the minimum wage from $13.67 to $14.01 an hour. The federal minimum wage has remained at $7.25 since 2009.
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Trump nominee for Treasury Secretary Scott Bessent arrives for a meeting with Sen. Mike Crap, R-Idaho, at the Dirksen Senate Office Building on December 10, 2024 in Washington, DC (Anna Moneymaker/Getty Images/Getty Images)
Bessent discussed a range of policy issues with lawmakers on Thursday, including tariffs, tax cuts and sanctions against Russia.
Bessent said renewal of the Tax Cuts and Jobs Act of 2017 that Trump approved during his first administration is paramount. Many of the reforms in the measure are set to expire in 2025, but if the cuts aren't reinstated, it would undermine the middle and working classes, Bessent said.
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“This is the most important economic issue of the day,” Bessent said.
“If we don't extend the extension, we will face economic disaster. And as always, financial instability hits the middle and working class.”
