Treasury Secretary Scott Bessent faced intense scrutiny during a Feb. 4, 2026 House Financial Services Committee hearing on the U.S. economy and financial stability. Democrats, led by Rep. Maxine Waters, aggressively challenged his reversal on tariffs and inflation, sparking a viral confrontation. Republicans defended the Trump administration’s deregulatory agenda and economic record, underscoring deep partisan rifts on trade and growth.
Feb. 4, 2026 hearing erupts as Treasury Sec. Scott Bessent spars with Maxine Waters over Trump tariffs and inflation. Shouting, viral moments, and sharp partisan divides dominate a tense FSOC review. #Tariffs #Inflation #Economy pic.twitter.com/9qd5hjvmPB
— Matthew Brady (@mattbrady775) February 5, 2026
- On Feb. 4, 2026, Scott Bessent testified before the House Financial Services Committee on the U.S. economy and the Financial Stability Oversight Council’s 2025 annual report.
- The hearing turned heated during an exchange with Maxine Waters, who challenged Bessent over whether President Trump’s tariffs are inflationary.
- Waters cited Bessent’s earlier hedge fund-era comments calling tariffs inflationary; Bessent said those views were mistaken and argued tariffs do not cause sustained inflation.
- Bessent referenced data from the San Francisco Federal Reserve and long-term historical evidence to support his claim.
- Tensions spiked when Waters repeatedly tried to “reclaim my time,” culminating in her remark, “Can you shut him up?” toward Chairman French Hill; Bessent responded by urging her to “maintain some level of dignity.”
- Democrats accused Bessent of shielding President Trump on tariffs and potential Trump family business conflicts, while Republicans praised deregulation and economic growth.
- Bessent promoted deregulation, support for community banks, possible unlimited insurance for business checking accounts, and criticized the Federal Reserve’s past inflation handling.
