U.S. Treasury Secretary Scott Bessent speaks during a press conference outlining further sanctions against Iran at the Treasury Department in Washington, DC, USA, August 24, 2026.
Evelyn HochsteinReuter
Treasury Secretary Scott Bessent will appear in his annual testimony before the House Financial Services Committee on Tuesday, touting the success of the Iran war and wage increases for low-income Americans. He is likely to face questions on issues such as inflation, energy prices, interest rates and the federal debt.
“The strength of our economy has enabled the United States to carry out the largest campaign of economic isolation in the history of the world against the Islamic Republic of Iran and its enablers,” Bessent will tell the committee, according to an advance copy of his testimony obtained by CNBC.
Mr. Bessent’s testimony is officially part of Congressional oversight of the International Monetary Fund. The International Monetary Fund is an international organization headquartered in Washington, D.C., established in 1944 to ensure global financial stability. Mr. Bessent has criticized the organization for being at risk of mission creep, and his former chief of staff, Dan Katz, became the organization’s No. 2 executive last year. Bessent said the U.S. government’s priority is “to ensure that U.S. time and resources serve U.S. interests.”
Lawmakers are likely to use the secretary’s appearance to ask questions about other issues.
Democrats are likely to grill the Treasury Secretary on the economy. Recently, as the war with Iran escalates again, the price of crude oil has exceeded $100 per barrel. This has pushed U.S. gasoline prices to an average of $4.32 per gallon as of Monday, up $1.14 from a year ago, according to AAA. Diesel price was $6.23, an increase of $2.54 over the past year. Mr. Bessent has been a full supporter of the war. The ministry is gradually increasing sanctions against Iran and banks that facilitate its business.
Democrats are likely to question Mr. Bessent about the pressure President Donald Trump is putting on Federal Reserve Chairman Kevin Warsh not to raise interest rates to address rising costs. The consumer price index is up 3.4% from a year ago, and investors are betting big on the Fed raising interest rates. In contrast, President Trump has argued that the Fed should lower interest rates. Mr. Bessent is a longtime friend of Mr. Warsh and, by tradition, meets weekly with Fed officials.
Bessent could also face increased scrutiny over his administration’s financial performance. The national debt has ballooned to over $40 trillion. The huge supply of debt, combined with spending on artificial intelligence and soaring oil prices, has increased the cost of financing government debt. The 10-year U.S. Treasury bond peaked at 5.0% on Monday before settling down. The yield also reflects investor optimism about U.S. growth, but has the effect of making debt more expensive for consumers. Mr. Bessent may question how the administration will focus on affordability with the average 30-year fixed mortgage rate exceeding 7% last week.
Mr. Bessent and House Republicans could emphasize the positive aspects of Trump’s economy. The stock price has been volatile lately, but it’s still near highs. The S&P 500 is up about 27% since Trump took office.
While the administration has curbed immigration, the economy continues to generate jobs. The unemployment rate is low at 4.1%.
In testimony prepared by Mr. Bessent, he noted that wages for the bottom 25 percent of earners are rising faster than those at the top. More than 64 million tax returns filed for one of the tax cuts passed last year, Bessent said.
—Karen Sloan contributed to this report.
