Treasury Secretary Scott Bessent Addresses Congress on International Financial System

On September 15, 2026, U.S. Treasury Secretary Scott Bessent testified before the House Financial Services Committee, emphasizing the continued dominance of the U.S. dollar in the international financial system. Bessent highlighted the administration's commitment to maintaining the dollar's status as the world's primary reserve currency, attributing this to strategic policy decisions that have increased global dollar-denominated transactions.

During his testimony, Bessent pointed to positive economic indicators, including the creation of over one million private sector jobs and the filing of more than 64 million tax returns benefiting from recent tax cuts. He framed these developments as evidence of a robust economy, although he did not propose new policies to address the recent spike in the 10-year Treasury yield, which briefly exceeded 5%.

The hearing also touched on emerging issues such as artificial intelligence and cybersecurity, with committee members questioning Bessent about their implications for the financial sector. While these topics are increasingly relevant, no new regulatory measures were announced. Notably absent from the discussion was any significant guidance on digital assets, leaving a gap in regulatory clarity for the cryptocurrency market.

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Source: KLEA News