Chairman Joyce, Ranking Member Hoyer, and Members of the Subcommittee gathered to hear Secretary Scott K. H. Bessent's statement before the United States House of Representatives Appropriations Subcommittee on Financial Services and General Government. The Secretary expressed the Treasury's eagerness to collaborate with Congress in funding priorities that aim to strengthen the U.S. economy.

Bessent emphasized efforts by the Department to enhance economic growth, improve government efficiency, and address threats from illicit actors. He highlighted key components of the Trump administration's economic agenda: trade, tax cuts, and deregulation. These policies are designed to stimulate economic growth and domestic manufacturing.

According to Bessent, this agenda has already shown positive results with 464,000 new jobs added in the first 100 days of the administration and over 177,000 jobs in April alone. Unemployment remains low while real hourly wages continue to rise.

The Secretary also addressed inflation control measures, noting a decline in energy goods prices and a decrease in core goods price index as well as an overall drop in CPI for all items since the COVID pandemic.

In terms of government efficiency, Bessent reported on successful cost-cutting measures at the IRS which saved $2 billion from its IT budget without operational disruptions. Efforts are underway to reduce administrative costs related to paper processing significantly by automating processes.

Additionally, Treasury is working with the White House on initiatives aimed at national security by targeting violent cartels and terrorist networks through financial penalties and sanctions against money laundering facilitators along the Southern Border.

Bessent concluded by expressing optimism about future economic opportunities through collaboration between Congress and the White House, particularly regarding making Trump tax cuts permanent.

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