Skip to player
Skip to main content
Skip to footer
Search
Connect
Watch fullscreen
Like
Comments
Bookmark
Share
Add to Playlist
Report
'Don't Fear The President': Al Green Grills Sec. Scott Bessent On Who Pays For Trump's Tariffs
Forbes Breaking News
Follow
5/7/2025
At a House Financial Services Committee hearing on Wednesday, Rep. Al Green (D-TX) questioned Sec. Scott Bessent about President Trump's tariffs and who pays for it.
Category
🗞
News
Transcript
Display full video transcript
00:00
Investigation subcommittee, the gentleman from Texas, Mr. Green, is recognized.
00:03
Thank you, Mr. Chairman.
00:04
Thank the ranking member, and I thank the witness for appearing.
00:08
Mr. Treasurer, when you testified before the Senate,
00:14
you indicated that the CDFI fund is a very important program.
00:21
It's very important to us.
00:22
Is this correct?
00:23
I did, sir.
00:24
And is it true that you would not agree that it is a woke program,
00:32
it has cultural Marxism associated with it, and that it is abused?
00:39
You wouldn't agree with that, would you?
00:40
Sorry?
00:41
I think the CDFI fund is performing its statutory functions as required.
00:46
So you would not agree, then, that it's woke?
00:49
Is its statutory function to be woke?
00:52
I've never seen that in the statute, sir.
00:54
Okay.
00:54
What about Marxism?
00:57
Is that associated with it in the statute?
01:00
Again, sir, I've never seen that.
01:02
Okay.
01:02
Now, given that the president desires to cut into this program,
01:05
you're the secretary of the treasury,
01:08
what are you going to do about it to protect it?
01:11
Sir, the skinny budget does propose a new $100 million award program
01:16
that will provide access to affordable financing.
01:20
Does that take care of the many billions that we put in,
01:24
$12 billion to support the CDFIs?
01:26
That's a lot.
01:27
It's quite a distance from the $12 billion, sir.
01:30
What are you going to do about it?
01:31
Look, I understand.
01:32
Do you advise the president?
01:34
Sorry?
01:35
Do you advise the president?
01:37
I advise the president on a wide range of matters.
01:39
Is this considered a part of a wide range of matters?
01:43
Would you advise the president that he shouldn't cut these funds?
01:46
I look forward to working with you and the committee
01:48
to ensure these programs operate efficiently for taxpayers.
01:51
What about efficiently for taxpayers
01:53
and efficiently as a result of them being in place to do so?
01:58
If you don't have the money, they can't be efficient.
02:02
They can't serve taxpayers if you don't have the money.
02:04
Sixty-one percent of these programs are in Republican districts.
02:12
Is there a question?
02:14
Yes, it is a question in a sense that I'm asking you
02:18
to suggest to the president that this is important
02:21
and that you not cut it.
02:23
So the skinny, as I said...
02:26
A hundred million is quite a distance from 12 billion.
02:29
Well, that's not the annual appropriate...
02:32
12 billion is not the annual appropriation.
02:34
No, but 12 billion is what we, a bipartisan group of folk,
02:38
put into the CDFIs as well as into the minority depository institutions.
02:46
We don't want to see that cut.
02:49
Let's go to another area.
02:51
Do you agree that when a tariff is imposed upon a product
02:56
that's coming into this country, that the tariff is collected at the border?
03:02
Yes, sir.
03:03
And do you agree that money that's collected goes into the treasury's coffer?
03:08
Yes, sir.
03:09
And do you agree also that if the person that is importing this product
03:15
is of the opinion that it is something that his clientele,
03:19
his customers desire, that he will pay that tariff?
03:23
Yes, sir.
03:24
And do you agree that when he pays that tariff,
03:26
he's likely to pass it on to his customers, his consumers?
03:31
Through the laws of economics, we'd say that they're very elast...
03:34
I understand, but do you agree that he is likely to do that?
03:38
Do you agree that he does it sometime?
03:40
Do you agree that he does it sometime?
03:41
Again, it...
03:42
Do you agree that he ever do it?
03:43
Does he ever do it?
03:45
Sure.
03:45
So your position is, as the great treasurer you are,
03:49
that this is not passed on to the taxpayers?
03:52
It could be.
03:53
The consumers.
03:55
It could be.
03:56
Well, is it ever?
03:59
It's hard to say yes, isn't it?
04:01
It really is.
04:02
It's not hard to say.
04:02
Listen, sir, you don't have to fear.
04:04
Listen, don't fear the president, sir.
04:08
Is it ever passed on?
04:10
Have you ever heard of this tax money being collected
04:14
and passed on to the consumer to pay?
04:17
Have you ever heard of that?
04:18
Well, the most recent studies from...
04:20
Okay, let's go on to this point.
04:22
I have a better point to make.
04:23
Excuse me.
04:24
I'm reclaiming my time.
04:25
I have a better point.
04:26
Listen just a second.
04:26
I only have a little bit of time.
04:28
And when it goes into the coffers,
04:30
that money is then going to be a part of the tax dollars
04:34
that can be accorded to persons in terms of a tax cut.
04:39
Is this true?
04:42
It's part of the overall...
04:43
Yes, it is true, which means that the consumer,
04:46
the person who pays that tax, this tariff tax,
04:50
when he makes that purchase,
04:51
is going to put his money in your coffer, our coffer,
04:55
and then the president later on can say,
04:57
you got a tax cut, but it's really the money
04:59
that the consumer has put into your coffer.
05:02
That is true.
05:03
I yield back.
Recommended
8:14
|
Up next
Scott Bessent Defends Tariffs, Trump Tax And Regulation Plans Before Congress
Forbes Breaking News
5/7/2025
1:14
Scott Bessent Defends Tariff Moves: 'President Trump Creates What I Would Call Strategic Uncertainty'
Forbes Breaking News
4/29/2025
5:10
Scott Bessent Mercilessly Confronted By Mark Pocan Over Trump Tariffs
Forbes Breaking News
5/6/2025
2:02
Scott Bessent Asked About Trump's Plan To Hike Tariffs On 150 Countries If They Do Not Reach Deal
Forbes Breaking News
5/19/2025
1:28:31
Scott Bessent Grilled On Tariffs, Trump Tax Plan In House Appropriations Committee
Forbes Breaking News
5/6/2025
5:22
Gregory Meeks Shows No Mercy To Scott Bessent Over Trump's Tariffs, Economy
Forbes Breaking News
5/7/2025
1:41
Scott Bessent Asked: 'What Is The White House's Ultimate Objective' With Tariffs?
Forbes Breaking News
4/29/2025
5:52
Treasury Secretary Scott Bessent Grilled On Trump Saying Walmart Should 'Eat The Tariffs' On China
Forbes Breaking News
5/19/2025
0:35
Treasury Secretary Scott Bessent Asked To Explain Reports Of Trump Admin ‘Walking Back’ On Auto Tariffs
Forbes Breaking News
4/29/2025
2:39
Treasury Secretary Scott Bessent Pressed On GOP's Proposed Budget Adding Trillions To National Debt
Forbes Breaking News
5/19/2025
5:38
'I Think That's Un-American': Hassan Spars With Sec. Bessent Over Trump's Tax Cuts, Tariff Policy
Forbes Breaking News
6/12/2025
5:32
'Senator, You're Cherry-Picking': Scott Bessent Spars With Ron Wyden Over Tariffs, Coins New 'T.D.S'
Forbes Breaking News
6/12/2025
5:22
Young Kim To Bessent: How Will You Ensure Tariffs Won’t Affect Small Businesses, Workers Long-Term?
Forbes Breaking News
5/12/2025
6:27
Treasury Secretary Scott Bessent Touts Trump's Tariffs After 'Successful Negotiations' With China
Forbes Breaking News
6/11/2025
5:35
Greg Murphy Asks Secretary Scott Bessent About How The U.S. Will Help Companies During Tariff Negotiations
Forbes Breaking News
6/13/2025
1:12
Treasury Secretary Scott Bessent Asked Point Blank About Trump Accepting $400 Million Plane Gifted By Qatar
Forbes Breaking News
5/19/2025
3:17
'It's Not Going To Be That High': President Trump Says 145% Tariff Rate On China Will Go Down 'Substantially'
Forbes Breaking News
4/23/2025
1:25
Scott Bessent Sends Message To Business Leaders About Trump's Tax And Economic Plans
Forbes Breaking News
4/30/2025
0:34
Treasury Secretary says Trump "goaded China into a bad position" with tariffs
Fortune
4/9/2025
2:20
‘Families Are Finding Their Financial Footing Again’: Scott Bessent Applauds Trump’s First 100 Days
Forbes Breaking News
4/30/2025
1:47:36
Senate Finance Committee Holds Hearing To Consider Rodney Scott To Be Trump's CBP Commissioner
Forbes Breaking News
4/30/2025
5:29
'Answer Me Truthfully': David Scott And Scott Bessent Have Tense Exchange At House Hearing
Forbes Breaking News
5/7/2025
5:20
'I Am Reclaiming My Time!': Ayanna Pressley Presses Bessent On Tariff Exemptions For Key Products
Forbes Breaking News
5/7/2025
5:39
Scott Bessent Asked Point Blank If We're In A Recession By Steny Hoyer
Forbes Breaking News
5/6/2025
5:15
'He's Causing Economic Chaos': Elizabeth Warren Lambasts Trump Tariff Policies For 'Causing Economic Chaos'
Forbes Breaking News
5/23/2025