Trump’s treasury nominee turns the tables on Sanders in exchange of testimony about Biden’s ‘oligarchy’ comments

Scott Bessent, President-elect Trump’s nominee to lead the Treasury Department, split with Sen. Bernie Sanders, Vt., on how the US is headed for an oligarchy.

On Wednesday, President Biden said in his farewell speech that “an oligarchy is beginning to take shape in America from extreme wealth, power and influence that threatens all of our democracy, our basic rights, freedoms and the right gun to keep everyone going.”

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 Thursday before the Senate Finance Committee.

The three millionaires you count have all made their own money,” said Bessent. “Mr. Musk came to this country as an immigrant.”

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Sanders cut Bessent off and repeated his question.

“Well, I will note that President Biden has given the Presidential Medal of Freedom to two people who I think will be worthy of his oligarchs,” said Bessent.

Bessent’s comments refer to billionaires George Soros and David Rubenstein, who received the award from Biden earlier this month. Bessent, a hedge fund billionaire himself, previously worked for Soros.

“This is not a criticism of any individual, individual,” Sanders said. “I’m just asking you, there are a few people [having] so much wealth and power, do you think that is an oligarchic type of society?”

“Senator, I think it depends on the ability to raise or lower income,” said Bessent.

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Sen. Bernie Sanders, Vt., speaks during a news conference at the US Capitol in Washington, DC, Oct. 6, 2021. (Stefani Reynolds/Bloomberg via Getty Images/Getty Images)

Sanders again interrupted Bessent and ended up dropping the topic 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.”

“Senenja, I believe the minimum wage is a state and county issue,” Bessent said.

“Don’t you think we should change the federal minimum wage?” Sanders said. “We have $7.25 an hour.”

“No sir,” Bessen replied.

Sanders is a staunch advocate of raising the federal minimum wage and is introducing legislation in 2023 to raise it to $17 by 2028.

Sanders’ home state, Vermont, raised its minimum wage from $13.67 to $14.01 an hour this month. The federal minimum wage has remained at $7.25 since 2009.

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President Trump’s nominee for treasury secretary, Scott Bessent, arrives for a meeting with Sen. Mike Crapo, R-Idaho, at the Dirksen Senate Office Building Dec. 10, 2024, Washington, DC. (Photos by Anna Moneymaker/Getty Images)

Bessent discussed a range of policy issues with lawmakers on Thursday, including tariffs, tax cuts and sanctions against Russia.

Bessent said renewing the Tax Cuts and Jobs Act of 2017 that Trump approved during his first administration is critical. Most changes to the measure are expected to sunset by 2025, but failure to renew the cuts will hurt the middle and working classes, Bessent said.

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“This is one of the most important economic issues today,” said Bessent.

“If we don’t renew the extension, we will be facing an economic crisis. And, as always with financial instability, that falls on the middle class and the workers.”