Treasury Secretary - Scott Bessent Interview

On DOGE

There’s a lot of misinformation out there. First, when we talk about the ‘Doge team,’ we’re referring to Treasury employees—two of them, in fact. One of them I personally interviewed in the final round. There is no ‘tinkering’ with the system. They have read-only access and cannot make changes. Their role is purely operational, aimed at suggesting improvements.

On Payments from Treasury

We process 1.3 billion payments annually. These two employees work with a group of long-standing Treasury staff. The letter the Treasury Department sent earlier this week confirmed that they do not currently have access to modify the system. They never have. The ability to make changes resides with the Federal Reserve, not within this building.

They have no authority to change the system, and I have no ability to grant such authority. They can only make recommendations, which would then go through the Federal Reserve’s rigorous testing and approval process.

On IRS and Privacy

Privacy is a major concern. Over the past four years, we’ve seen multiple IRS leaks. The IRS’s systems are outdated—some still run on COBOL, a programming language I learned in college in 1980.

Currently, there is no engagement between the DOGE team and the IRS. If they requested access, we’d consider it carefully, but right now, with tax filing season in full swing, nothing is happening at the IRS until at least May 15th.

On Elon

We have not cut payments. Elon and I are aligned on cutting waste, increasing accountability, and improving transparency. This Doge program is one of the most important government audits of my lifetime.

In the past, efforts like the Grace Commission under Reagan or Clinton-Gore’s ‘reinventing government’ initiative had great ideas that were never implemented. President Trump has a big agenda, and this program is about driving cost savings for the American people.

Authority to stop payments rests above us with departments and agencies. We’re conducting a complete operational—not ideological—review to ensure taxpayers get the best value. The Treasury’s systems may be outdated, but they are working. Investors shouldn’t be concerned—our job is to move deliberately and fix inefficiencies.

On the Strength of the US Dollar

A strong dollar means four things: credibility in our financial system, a stable currency index, fair trade policies, and sound economic policies. We want the dollar strong, but we can’t allow foreign nations to manipulate their currencies to gain trade advantages.

When you see large trade surpluses, that suggests currency manipulation or trade restrictions. China, in particular, is in a deep recession with deflation and is trying to export its way out. We can’t allow unfair trade practices.

On Treasury Debt Issuance

The good news is that the borrowing trajectory is improving. The government is well-financed, and as the President’s agenda takes effect, we’ll see non-inflationary growth. I don’t foresee any changes to issuance in the near future.

On Tariffs and Inflation

Tariffs may cause a small, one-time price adjustment, but Trump’s first-term policies kept inflation in check. Deregulation and energy dominance will help maintain stability. Given China’s excess capacity, they will absorb much of the tariff impact.