Exclusive / House Democrats to hammer Bessent on rising costs - Semafor

House Democrats will challenge Treasury Secretary Scott Bessent on rising costs at a Financial Services Committee hearing on Tuesday morning, according to an internal memo shared with Semafor.

“Key messages” include how inflation, tariffs, yields, and Iran are making life more expensive for Americans while Bessent “has shown that he is willing to move aggressively” in countries like Argentina and Japan, its authors write.

Potential questions touch on a host of issues, including Russia, Iran, and Venezuela as well as tariffs, bonds, and crypto.

Committee Democrats may ask Bessent to reconcile his recent declaration that “I am the house now” with mentor Stanley Druckenmiller’s skepticism of his amped-up debt buybacks, and to opine on whether those buybacks “complicate the Federal Reserve’s monetary policy.”

They’re also likely to request more information on how Treasury plans to shrink Iran’s shadow fleet and audit Venezuelan oil revenue.