All Hell Breaks Loose After Joyce Beatty Lambasts 'Hostile Witness Scott Bessent

Forbes Breaking News

At today's House Financial Services Committee hearing, Rep. Joyce Beatty (D-OH) questioned Treasury Sec. Scott Bessent.

Transcript

00:00...subcommittee. Ms. Beatty is recognized for five minutes.

00:03Thank you, Mr. Chairman and Ranking Member, and to you, Secretary Besant.

00:07The Trump administration has alleged that detecting and deterring transnational criminal organizations

00:14such as Iranian terrorist groups and their proxies is a priority for national security.

00:22But on March 2nd of 2025, your department announced that it would not enforce any penalties

00:29or fines associated with the BOI reporting rule, nor will it enforce the CTA against U.S. citizens,

00:40domestic reporting companies, or their beneficial owners.

00:44So I'm a little confused of how you square those two things.

00:50So my question is, can you explain to or would you explain to the American public how you undermine

00:58the bipartisan CTA and expect law enforcement and national security agencies to quickly

01:05and effectively know the true owners behind shell companies registered in the United States

01:12now that foreigners, including a drug cartel, gang members, could register a company in the

01:19United States with no state or any federal ownership reporting requirements?

01:25And I remind you, in your testimony, you talked about illicit actors.

01:32Well, these are some of our illicit actors.

01:36The Congresswoman, an overwhelming majority of the domestic entities that you're describing

01:44are hardworking Americans with small businesses.

01:48We bifurcated the bill, and any foreign entities must still file.

01:55So are you saying to me it's not true that they must file and do the foreign entities must

02:02file the BOI?

02:05Yes.

02:06We bifurcated the CTA program that domestics do not have to.

02:13So maybe I'm asking it the wrong way.

02:20So it appears that they are doing it registering to avoid the transparency of who the companies

02:30are.

02:32I'm not sure what your question is.

02:34I'd be happy to answer it.

02:35So I guess I'm looking at it as, and if you're saying it is not true, and that they now are

02:43complying and completing the BOI, so let's take it one step at a time.

02:48So you're saying everybody is completing the BOI.

02:52You're enforcing it.

02:53No, ma'am.

02:54I am saying that we have bifurcated it, that U.S. nationals do not have to file, and that

03:02foreign nationals do.

03:03Okay, so I guess when we look at this, if we're limiting enforcements of the rule just

03:12to the foreign entities, that creates a giant loophole whereby any foreign entity can register

03:19in the United States and evade or not do the BOI reporting requirements.

03:25Well, they would be subject to all, they would have to come through a U.S. financial institution,

03:32so they would be subject to all U.S. institutions.

03:35Including the BOI.

03:36The AML.

03:37Including the BOI.

03:40Including the BOI.

03:41Yes or no?

03:43Because the answer is no.

03:45I mean, you can say it however you want to, but the answer is no.

03:49And this makes it easier, and this is what I want the American folks to know, it makes

03:53it easier for human and drug traffickers, cartels, terrorists, organizations, and other

04:00criminals to do business in the United States.

04:03And when you're limiting the enforcement just to foreign entities, it exempts 99% of the entities

04:10that Congress intended the law to cover when it was passed into law.

04:17So, I think I do have my answer.

04:20We're just not agreeing on it, and we know why.

04:22So, let me go to my second question.

04:23Congresswoman, I would say that the Mexican cartels do not operate over LL.

04:29It is my time.

04:30You will not do this on my time.

04:33Now, I'm going to ask for a few more seconds, since he refused to comply with my time, not

04:38his time.

04:38In 2016, former Secretary Jack Lew announced that Harriet Tugman was to be the new face

04:45of the $20 bill.

04:47Can you tell me what's the current status of this project?

04:52No, ma'am.

04:53I can't, but my staff will get back to you.

04:55No, I want you to get back to me.

04:57Because, see, there seems to be an issue when it comes to things that affect people of color

05:03or people who live in poverty, whether it is what you're doing with Social Security,

05:08what you are doing with restricting funds to the program.

05:12The gentlewoman's time has expired.

05:13So, I want you.

05:14The gentlewoman's time has expired.

05:15The gentlewoman's time has expired.

05:16The gentleman from Texas.

05:17The gentlewoman's time.

05:18The gentlewoman's time.

05:19The gentlewoman's time.

05:20I need him to answer if he will.

05:21I'm not a staff person.

05:22The gentlewoman can submit questions for the record.

05:23I'm not asking him to have his staff report to me.

05:24The gentlewoman can submit.

05:25So, Mr. Chairman, I'm addressing it to you to ask him to respect me.

05:27The gentlewoman's time has expired.

05:28The gentlewoman's time has expired.

05:29The gentlewoman's time has expired.

05:30I'm talking to you.

05:31I need him to address if he will answer me.

05:33The gentlewoman's time has expired.

05:36The gentlewoman's time has expired.

05:37The gentlewoman's time has expired.

05:38I'm not going to stop until you direct him to answer to me as a member of Congress.

05:43The gentlewoman's time has expired.

05:44The gentlewoman has offered that she can submit questions for the record.

05:47Mr. Chairman, point of order to you.

05:49I will not stop.

05:50I will not be silent until you direct him to answer.

05:52The gentlewoman is not offering an appropriate parliamentary inquiry.

05:56Does the gentlewoman have a parliamentary inquiry?

05:58Yes, I do.

05:59Please state the parliamentary inquiry.

06:00As a member of the United States Congress addressing the secretary, I am asking you to

06:07rule on asking this hostile witness to direct his response to me versus having him

06:14tell me that his staff will respond to me.

06:18My staff person didn't ask him the question.

06:20I did.

06:21The gentlewoman does not state a parliamentary inquiry.

06:25So let me ask the point of privilege to you, Mr. Chairman, because I'm not going to

06:28stop this this morning until you respond to me then if you will direct the secretary to

06:34respond to me as a member of Congress.

06:37Or let me ask him.

06:38It is not a point of privilege.

06:39The gentlewoman's time has expired.

06:42The gentlewoman will suspend.

06:43Will he respond to me?

06:45The gentlewoman will suspend.

06:48The gentlewoman will suspend.

06:50The gentlewoman will respond to me if he will respond to me.

06:58The gentlewoman makes a legitimate request she wants a personal privilege, the grand

07:02personal privilege.

07:03You can simply ask him to respond.

07:04Just ask him to respond if he'll respond to a member of Congress versus saying a staffer.

07:06versus saying a staffer.

07:07It's simple as that.

07:10I ask that members keep decorum

07:12and remain cordial during today's hearing.

07:14I am being cordial to you, Mr. Chairman.

07:15The gentlewoman will suspend, the chair has the time.

07:17Mr. Chairman, will you answer the question?

07:18The chair has the time, the gentlewoman will suspend.

07:20The gentlewoman makes a legitimate request.

07:23I ask that members keep decorum

07:25and remain cordial during today's hearing.

07:27I am being cordial.

07:28I resent your statement to imply that I am not.

07:31I am a member of the U.S. Congress.

07:34I am asking this secretary to-

07:35The gentlewoman may submit QFRs for the record,

07:37which will be responded to by the secretary.

07:41The gentlewoman, time has expired.

07:43The gentleman from Texas,

07:44the chairman of the Small Business Committee,

07:46Mr. Williams, is recognized for five minutes.

07:48Thank you, Mr. Chairman,

07:49and thank you, Mr. Secretary, for being here.

07:51This may be a little easier on you here.

07:52I'll try to move it fast forward.

07:54The Chinese Communist Party has enabled their economy

07:57to serve as-

Category

Transcript

Recommended