Listen: U.S. Treasury Secretary Scott Bessent’s conversation with The Flag’s Scott Hennen
MINNEAPOLIS – Treasury Secretary Scott Bessent is in Minneapolis to investigate waste, fraud and abuse in Minnesota.
That includes state programs, autism centers and programs meant to feed children. Bessent said that could cost the state $9 billion.
“How are our financial institutions intertwined with this with the immigrant communities? Is it larger than our immigrant communities? How does it move into the political sphere?” Bessent said on “What’s On Your Mind?” on The Flag.
Bessent said the Trump administration is working on an executive order banning people on public assistance from wiring that money out of the country.
“That money is for you and your family. It is not for the people you left in Mogadishu, it is not to fund some terrorist organization over there and if you’ve got extra money to wire out of town, then you’re getting too much of it and maybe you committed fraud,” Bessent explained.
The Trump administration is also working to make sure China is living up to its commitment to buy 12.5 million metric tons of soybeans every year for the next three years. Bessent said every time President Donald Trump speaks with Chinese President Xi Jinping, he pushes him to make sure he’s living up to purchase agreements.
“There’s a very good chance that the Chinese may come begging us for more soybeans next year because we’re seeing what may be the beginnings of the La Niña weather pattern in the southern hemisphere which would mean the Brazilians, the Argentinians may get scorched,” Bessent said.
Bessent announced tax filing this year will begin on January 26 this year which is one of the earliest ever.
“We’re going to see very large tax refunds due to the president’s signature policies: no tax on tips, no tax on overtime, no tax on Social Security, deductibility of American-made autos. So, the refund season in the first quarter is going to be big,” Bessent said.
Bessent was also in Minneapolis for a speaking event with the Minneapolis Economic Club.
