@SecScottBessent
79th United States Secretary of the Treasury
More than five centuries ago, the son of a wool weaver from Genoa sailed westward to widen the boundaries of the known world. Across a vast and punishing Atlantic, the voyage exhausted the patience of its crew, but never the conviction of its captain. Christopher Columbus kept going. Two hundred and fifty years after America’s founding, we still marvel at the restless spirit of discovery that revealed the New World to the Old. President Trump has defended Columbus against the radical left’s campaign to erase his legacy. Now, Columbus again stands where he belongs – within the great procession of figures who shaped our national story. Happy Columbus Day. Sail On.
Another day, another Econ 101 lesson for Professor Warren. Her “Trumpflation” tracker conveniently ignores the Bidenflation tidal wave that crushed American families, cherry-picks wage growth by refusing to acknowledge positive real wage gains since President Trump came into office, and swaps official medical-care CPI data for premium projections when it suits her narrative. The Harvard Square inflationista is offering a statistical sleight of hand, not a serious assessment of today’s U.S. economy. Here is the full picture, including an apples-to-apples comparison of President Trump’s real economic results measured against the failed policies Senator Warren championed under Biden.
Treasury is starving the tyrannical regime in Tehran of the money it uses to wage war in the region, and we will continue exposing those who enable the regime’s oil sales. No enabler of Iranian sanctions evasion is safe from the full force of Treasury’s authorities.
Treasury Department@USTreasury·Today, as part of Operation Economic Outcast, Treasury is targeting the remnants of Iran’s shadow fleet: the aging network of tankers the regime relies on to move billions of dollars’ worth of petroleum and petroleum products to foreign markets. Today’s action effectively neutralizes the vast majority of Iran’s remaining shadow fleet network. t.co/2mtRwInkHA
Iran has a new oil minister. Considering Iran has not loaded a single barrel of crude onto a vessel since August 25th, what is the oil minister managing?
Capital follows confidence. Since @POTUS took office, the United States has been the world’s leading destination for foreign direct investment. Under this Administration, lower taxes, fairer trade, and lighter regulation are ensuring that America remains the premier place to invest, build, hire, and innovate.
.@USTreasury continues to transform how the federal government protects taxpayer dollars by using better data, stronger controls, and advanced technology to stop fraud and improper payments before money goes out the door. In the past year alone, Treasury built and deployed new safeguards that verified more than $3.7 trillion in federal payments and increased Do Not Pay access from 4 percent of programs to 99 percent, ensuring agencies have access to the data they need. We are moving beyond ‘pay and chase’s and making prevention the federal government’s first line of defense. t.co/GRH6omyWTv
Operation Economic Outcast is delivering results: the rial has plunged to record lows, Iran loaded zero crude oil onto tankers last month, and even Iran’s top security official has admitted the country is facing one of the most difficult periods in its history. The Iranian regime allows its own people to suffer while it pours resources into terrorism. Operation Economic Outcast will not stop until the Iranian regime understands that the Trump Administration will never allow the regime to fund terrorism and develop a nuclear weapon.
Under @POTUS, the United States is showing the world what real economic growth looks like. With just around 4% of the world’s population, we produce 26% of global nominal GDP. Our firms lead the G20 in productivity. And more than 60 of the world’s 100 most valuable companies are American. Two hundred and fifty years after America’s founding, our best days are the ones we are still building.
Terrorist organizations like Hamas rely on sophisticated financial facilitators and fraudulent schemes designed to exploit the public to sustain their operations. Treasury will continue to identify, isolate, and impose consequences on those who provide Hamas with the financial lifelines it needs to survive.
Treasury Department@USTreasury·Today, Treasury’s Office of Foreign Assets Control’s (OFAC) designations expose a multi-year scheme that moved more than $2 million to Hamas through sham charities and cryptocurrency. OFAC designated a member of Hamas’s military wing, along with two France-based individuals and two affiliated entities that provide critical financing to Hamas. t.co/XBGKQgnJlE
The newest United States National Strategy for Financial Literacy is a roadmap to help every American build the knowledge and skills needed to achieve financial security for themselves and their families. The advent of Trump Accounts demonstrates what this approach looks like in practice. By giving young Americans and their families an opportunity to save and invest together, we can make financial education tangible, help a new generation establish sound financial habits from an early age, and build the knowledge and confidence to participate in our financial markets. t.co/s6Zni3HGSX
Iran loaded ZERO crude oil onto tankers in September. The Trump Administration is cutting off the Iranian regime’s most critical source of revenue. Operation Economic Outcast is severing the economic lifelines that have allowed Tehran to finance its terrorist agenda.
Under President Trump’s leadership, the United States is delivering on its commitments to help stabilize global energy markets. Our European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions. American farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage. America is doing its part. We look to our allies to match their commitments with action.
Treasury is dismantling the financial infrastructure that allows Iran and other adversaries to evade sanctions, move illicit funds, and undermine the integrity of the global financial system. Today’s action targeting A7 continues Treasury’s unprecedented efforts to isolate Iran and its financial enablers and sends a clear message that if you facilitate illicit finance for America’s adversaries, you will lose access to the U.S. financial system.
Treasury Department@USTreasury·Today, Treasury took unprecedented action against the A7 Network, a shadow banking network with ties to Russia used by the Iranian regime to evade sanctions as part of Operation Economic Outcast. Treasury’s @FinCENnews proposed a rule that would prohibit transmittals of funds regarding transactions involving the A7 Network’s Sub-Agents. Additionally, FinCEN issued an Alert to help financial institutions detect and report suspicious activity related to the A7 Network. Treasury’s Office of Foreign Assets Control sanctioned the A7 Network as a significant transnational criminal organization. t.co/JNPt5XZh12
The Iranian regime's ability to fund its war machine and inflict terror on the world has been severely diminished thanks to Operation Economic Outcast. Today’s action directly targets Iran’s enablers and lays the groundwork for the United States and our partners to drain the regime’s revenue once and for all.
Treasury Department@USTreasury·Under Operation Economic Outcast, the U.S. Department of the Treasury is targeting some of the last significant elements of Iran’s failing industrial infrastructure, including its rail and automotive conglomerates today. Iran’s automotive and rail industries have been coopted by the regime and the Islamic Revolutionary Guard Corps, whose corruption and self‑serving interests have pushed Iran’s economy to the brink. t.co/PjvOlpaVM3
Millions of children have already enrolled in Trump Accounts. With automatic enrollment, over 60 million more eligible children now have an account ready to be claimed. This is a transformative milestone in the Trump Administration's effort to give every American child the opportunity to build generational wealth and jump-start their financial future. t.co/EPJVaivovU
Under @POTUS, this Administration continues to transform America’s education system to meet the needs of each student. The Education Freedom Tax Credit marks a new chapter in educational freedom and opportunity by establishing America’s first nationwide school choice program and empowering states to give students and families more options. Thirty states have already opted in, and we encourage all 50 states to participate so every American student and family can benefit.
Treasury Department@USTreasury·The U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations to implement the new Federal Scholarship Tax Credit under section 25F, commonly known as the Education Freedom Tax Credit, the first federal tax credit supporting private contributions for K-12 scholarships. Under the proposed regulations, eligible taxpayers may claim an annual credit of up to $1,700 for qualifying contributions, or up to $3,400 for married couples filing jointly. Treasury and the IRS also issued companion temporary regulations to establish key procedures for states and Scholarship Granting Organizations to prepare for the launch of the tax credit on January 1, 2027. The proposed regulations advance the Administration’s priorities of expanding educational freedom, restoring parental rights, returning power to the states, and putting American students first. t.co/lSbLsYYWf8
Today, we convened the second meeting of the Payment Fraud and Scams Working Group. Cracking down on fraud has been a top priority of @POTUS and the Trump Administration from day one. Earlier this month, @USTreasury and @TheJusticeDept restrained more than $50 million in cryptocurrency tied to scam-related money laundering in one day through coordinated action against a major illicit marketplace. We will continue working with the private sector to move with greater speed and ingenuity than the threats we face and better protect the American people.
President Trump’s administration will not allow terrorist organizations like Tren de Aragua to exploit the U.S. financial system or enrich themselves through theft and other criminal activity targeting American individuals and businesses. Working alongside our law enforcement partners, we will continue to use all tools available to deny these terrorist financial facilitators the resources they need to operate, weakening their overall criminal enterprise and protecting the integrity of the U.S. economy.
Treasury Department@USTreasury·Today, Treasury’s Office of Foreign Assets Control sanctioned 10 targets involved in the violent Foreign Terrorist Organization Tren de Aragua (TdA), including a network that used ATM “jackpotting” attacks to steal millions of dollars from U.S. financial institutions. TdA is responsible for violent and exploitative criminal activity across the Western Hemisphere—including drug trafficking, human trafficking, extortion, and murder-for-hire—making the disruption of its financial networks essential to protecting Americans. t.co/rRXLSKbMgm
Under @POTUS, @USTreasury and @usedgov are restoring fiscal responsibility to our nation’s $1.7 trillion federal student loan portfolio. The new Defaulted Loans Support Center marks an important early achievement of the Treasury-ED Federal Student Assistance Partnership, bringing Treasury’s unique financial and operational expertise to the program, providing defaulted borrowers a clearer path back to repayment, and building a more efficient and accountable system that better serves borrowers and taxpayers.
Read more and visit the Defaulted Loans Support Center at studentaid.gov/default-support home.treasury.gov/news/press-rel…
Today’s action underscores that no cartel kingpin, corrupt Mexican government official, or financial facilitator is beyond the reach of Treasury’s authorities. Our message is clear: the Trump Administration will identify and disrupt any cartel actor who threatens our security or the integrity of our financial system.
Treasury Department@USTreasury·Today, Treasury’s Office of Foreign Assets Control sanctioned nearly 50 targets who serve as leaders or facilitators for the Sinaloa Cartel. The 21 individuals and 25 entities designated include cartel leader Ismael Zambada Sicairos, members of his innermost circle, and the Tijuana-based cell leaders, money launderers, and corrupt politicians who permit the Sinaloa Cartel to operate with impunity just miles from the U.S.-Mexico border. t.co/vQ7pnxn6j4
Under Operation Economic Outcast, Treasury will continue to target and disrupt those who provide material, technological, or financial support that allows the Iranian regime to sustain its terrorist enterprise. Treasury will not tolerate any support to the regime and will continue to identify, expose, and isolate Iran’s enablers.
Treasury Department@USTreasury·Today, under Operation Economic Outcast, Treasury’s Office of Foreign Assets Control sanctioned 10 individuals and entities in multiple jurisdictions that have procured weapons and weapons components for Iran’s Ministry of Defense and Armed Forces Logistics (MODAFL), the entity responsible for weapons research, production, and acquisition for Iran’s armed forces. MODAFL also oversees organizations engaged in the development of Iran’s ballistic missiles and unmanned aerial vehicles. t.co/zyyu7JZjVZ
A stronger economy begins with policies that reward hard work, boost investment, and encourage entrepreneurship. This past filing season, thanks to @POTUS’ Working Families Tax Cuts, 97% of filers received a tax cut and avoided a massive tax hike. Savings from this tax season have allowed American families to keep more of what they earn, strengthened household finances, and supported long-term economic growth.
Today, I joined @POTUS, @VP, my fellow Cabinet members, and leaders of American industry for the launch of t.co/lBMqe0JsKl. This new platform gives Americans a single, streamlined place to access federal information and resources. For 250 years, American innovation has pushed the boundaries of the possible. By bringing that same spirit of ingenuity to the federal government, we are modernizing how it serves the American people and ensuring our institutions keep pace with the extraordinary technological progress taking place across our economy.
Today, I met with Lebanese Prime Minister @nawafsalam and Finance Minister @JaberYassine to discuss the need for decisive action to disrupt Iranian and Hizballah financial networks, and the importance of key financial sector reforms to restore confidence in Lebanon’s banking system.
Read more: home.treasury.gov/news/press-rel…
Operation Economic Outcast has caused the rial to hit record lows. We will continue to degrade the Iranian regime’s ability to fund terrorism and develop a nuclear weapon.
Today, @USTreasury and @IRSnews issued a notice on tax-motivated investment strategies that makes clear Treasury is serious about cracking down on transactions designed to dodge taxes or exploit our federal tax code. The companion Revenue Ruling also takes on prearranged §351 ETF conversions designed to avoid tax. Our message on these conversions is clear: they don’t work under existing law.
Treasury Secretary Scott Bessent@SecScottBessent·Tax rules should reward investment, not abusive financial engineering. @USTreasury welcomes innovation in our financial markets, but we will not turn a blind eye to abusive Wall Street tax dodges or tolerate products designed to exploit our federal tax code. If a tax pitch sounds too good to be true, then it probably is and investors should think twice. Treasury and the @IRSnews are examining Wall Street tax products that may exploit the tax code and tax strategies that may cross the line.
Following the launch of Operation Economic Outcast, @USTreasury imposed targeted financial measures against banks and aviation service providers. At my direction, teams were dispatched across the globe to engage with countries and demand action against the Iranian regime. These efforts are delivering results. Türkiye and Oman announced the cessation of Mahan Air flights to their countries. The UAE has halted all flights by Iranian airlines, and top commercial banks in the UAE and Türkiye have stopped transacting with Iran. Even Iran’s leadership has acknowledged the economic toll of the war, as the value of the rial has fallen to record lows. I appreciate the governments of the UK, Türkiye, Oman, and the UAE. We will continue working together as there is more to be done to prevent Tehran from carrying out its terrorist agenda. t.co/rkGvP9PO2M
Robin Brooks@robin_j_brooks·Iran has played its hand very badly. It's lost control of the Strait of Hormuz, where tanker traffic is the highest in many months. This means Iran has nothing to offer Trump in negotiations, even as its economy is in complete and utter meltdown... robinjbrooks.substack.com/p/the-economic…
American families are reaping the benefits of @POTUS’ pro-growth tax policies. This past filing season, the average tax refund reached over $3,400, thanks to the Working Families Tax Cuts. American taxpayers are keeping more of their hard-earned income, strengthening household finances and giving families greater confidence to save, invest, and plan for the future.
Today, I had a productive call with Japanese Finance Minister Satsuki Katayama. Our conversation built on President Trump’s discussion with Prime Minister Sanae Takaichi earlier this week and reflected the strength of the U.S.–Japan partnership. We discussed the desirability of a strong yen that reflects Japan’s strong economic fundamentals, and the importance of staying in close communication on currency markets.
Economic growth accelerates when businesses are able to invest, innovate, and compete rather than navigate unnecessary bureaucracy. Under @POTUS, 129 regulations have been eliminated for every new rule introduced. By reducing red tape, the Trump Administration has created an environment where businesses can expand, hire, and invest in the American economy.
The private sector is driving America’s economic resurgence. Since January 2025, more than one million private-sector jobs have been created while the federal workforce has been reduced to its lowest levels since the 1960s. At the same time, more than 1.3 million additional native-born Americans are working. These are the hallmarks of an economy powered by investment, opportunity, and the American worker.
Today in Washington, Vice Premier He Lifeng and I held substantive discussions on the U.S.-China economic relationship ahead of President Trump’s meeting with President Xi. Our discussions continued to focus on securing meaningful commitments that protect American workers, farmers, and businesses while advancing U.S. economic and national security interests.
America’s economic success depends on translating investment into productive capacity, good-paying jobs, and long-term growth. The construction boom we are seeing across the nation is laying the foundation for a manufacturing resurgence as we bring more jobs back from overseas. In fact, manufacturing employment has surged by nearly 58,000 jobs this year, while goods-producing industries have added 150,000 jobs. America is rebuilding the industrial base that will power our economy and secure our sovereignty.
.@POTUS’ pro-growth agenda is restoring purchasing power for working families. As wages continue to outpace inflation, real weekly earnings for blue-collar manufacturing workers have risen 4.1%, while blue-collar construction workers have seen a 5% increase since January 2025. Rising real wages remain one of the clearest signs that Americans are finally gaining ground after historic inflation under Biden’s reckless tax and spend policies.
In New York City, Vice Premier He Lifeng and I are continuing our discussions on the U.S.-China economic and trade relationship ahead of @POTUS’ historic summit with President Xi in Washington. These talks help lay the groundwork for President Trump to advance America’s economic interests and deliver results for the American people.
.@larry_kudlow in @NewYorkSun gets it right. Here are the facts: The dollar was on one side of 89.2% of global FX trades. Foreign investors still hold enormous amounts of U.S. assets. The principal stablecoins are dollar-denominated. Treasury buybacks are about adding liquidity and managing the maturity structure, not somehow controlling a $30T+ market. Median household income in 2025: $87,460 — a record. Official poverty rate: 10.2% — a historic low. Atlanta Fed GDP forecast: 5.1% annualized real GDP growth in Q3. And that’s before looking under the hood at the private-sector momentum behind capex and the AI buildout. The latest numbers show continued employment growth, while business investment and capital expenditures have been expanding, as the CapEx comeback story has continued to broaden out, with nearly 20% more equipment investment in Q2 2026 than at the end of Biden’s term. Americans deserve honest coverage. In the New York Times’s latest feeble attempt at delivering a hit piece on the greatest economy in history, the discredited journal selectively excludes data that contradicts this dull narrative. Granted, it’s nothing new that they fail to provide their readers with the full story. Complicated financial realities should not be reduced to easy-to-read sentences that serve a preordained narrative. This article’s problem is not complexity. It is selectivity. If capital is supposedly running from America, why does the data keep showing strong foreign demand for U.S. assets? If investors are “balking” at Treasuries, someone forgot to tell the bidders. Norway is not looking elsewhere; it is switching from Treasuries to agency bonds. Still US assets. Netherlands is bringing gold back from North America, including Ottawa as well as New York, reflecting a home country preference. We see this morning that Saudi Arabia has dropped out of mBridge and others are likely to follow. And if digital finance is supposed to threaten the dollar, why are stablecoins overwhelmingly dollar-denominated? The record is not ambiguous. t.co/oc2UM7ls6F
Great to welcome @jakepaul to the Treasury Department today. Jake’s path from content creator to entrepreneur and professional boxer is a distinctly American story. 🇺🇸🇺🇸🇺🇸
Great to welcome @jakepaul to the Treasury Department today. Jake’s path from content creator to entrepreneur and professional boxer is a distinctly American story. Thank you for stopping by.
Today’s designations of Iranian digital asset infrastructure make perfectly clear that efforts to finance the Iranian regime using cryptocurrencies are not beyond OFAC’s reach. If you support the Iranian regime, the Department of the Treasury will sanction you.
Treasury Department@USTreasury·Today, as part of Operation Economic Outcast, the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated key components of the Iranian regime’s digital assets-based sanctions evasion infrastructure. Targets include BitBank, a priority digital assets venture controlled by OFAC-designated Iranian financier Babak Zanjani; BitBank’s developer, Pishtaz Simorgh Electronic Trade Company; and three associates of Zanjani. t.co/zVgCQK7Y9B
$82 billion. That is how much tax relief American families and workers claimed through this filing season under @POTUS’ Working Families Tax Cuts. The overwhelming majority of that relief went to households earning less than $200,000. This administration is ensuring that Promises Made are Promises Kept.
Under @POTUS, the private sector has created over 1 million jobs. Real wages are outpacing inflation. The bottom 25 percent of wage earners are seeing larger wage increases than those at the top. And the Working Families Tax Cuts has delivered the largest share of tax relief directly to millions of low- and middle-income Americans.
Under Operation Economic Outcast, Treasury will continue to target and disrupt those who provide material, technological, or financial support that allows the Iranian regime to sustain its terrorist enterprise. Treasury will not tolerate any support to the regime and will continue to identify, expose, and isolate Iran’s enablers.
Treasury Department@USTreasury·Today, under Operation Economic Outcast, the U.S. Department of the Treasury’s Office of Foreign Assets Control designated prominent Russian financial institution VTB Bank for its involvement in Iranian sanctions evasion, including establishing correspondent relationships with sanctioned Iranian banks. Operation Economic Outcast continues to sever the remaining economic lifelines that sustain the Iranian regime.
I’ve said many times that the CLARITY Act is essential to ensuring America wins the global race for new technology. That’s the reason Congress passed the GENIUS Act: to ensure that stablecoin infrastructure, a revolutionary financial technology, will be built in America. Ensuring that America’s community bank sector continues to thrive has been a constant focus of mine since day one. And the administration’s dual focus on enabling new digital technology to flourish and appropriately tailoring community bank regulation is key to both sectors driving U.S. economic growth together over the next several decades. The final draft of the CLARITY Act furthers this mission. It gives the Secretary of the Treasury additional authority to act if the facts around deposit flight change to the detriment of community banks. If stablecoins cause harm to community banks, I will not hesitate to use these tools to ensure they remain fully protected. Community banks are essential to U.S. economic performance and Main Street growth. Economic security is national security, and community banks play a major role in this principle.
Treasury launched Operation Economic Outcast to cut off all financial lifelines to the Iranian regime and its enablers. That’s why I issued a new call for whistleblowers to come forward with tips about those who facilitate Iran’s terror. To anyone worldwide with information on these lifelines: This is your chance. If you have actionable information for Treasury, you may be eligible for an award, no matter where you live or who signs your paycheck. If you see something, say something.
Twenty-five years ago, 2,977 innocent souls perished on September 11th. Few anniversaries in the life of a nation carry the weight of this one. Today, we remember the lives we lost, the families who have carried the anguish of that morning across a quarter-century, and the first responders whose courage revealed the very best of our country in its darkest hour. Today, we also remember the terrible cost of underestimating those who loathe our way of life and the barbarity they would unleash against it. At @USTreasury, we honor the thousands of victims we lost not by memory alone, but vigilance. By ensuring that those who threaten the United States find no sanctuary in the financial system. By nightfall on 9/11, Treasury had begun 24/7 operations to uncover, disrupt, and dismantle the financial networks that sustain terrorism. It hasn’t stopped working to protect the American people since. To continue the work that began the moment those towers fell. To remember what hatred is capable of—and to deny those consumed by it the means to ever inflict such evil again.
President Trump made clear on his first day in office that the Biden Administration’s OECD global tax deal would have no force or effect in the United States. The revised GloBE Information Return delivers on a key element of President Trump’s international tax agenda by putting the side-by-side framework into operation. It ensures that U.S.-headquartered companies remain subject to U.S. global minimum taxes, not overlapping foreign regimes, while significantly reducing unnecessary reporting and compliance burdens. By respecting U.S. tax sovereignty and lowering compliance costs for American businesses, these new rules mark another important step toward restoring certainty and stability to the international tax system.
As we approach the 25th anniversary of September 11, we honor the memory of those we lost and the courage of those who risked their lives to save their fellow Americans. A quarter century later, our promise to the victims and their families remains the same: we will never forget.
Treasury Department@USTreasury·Today, the United States Mint announced a special-issue 2026 Semiquincentennial Enduring Liberty Half Dollar to mark the 25th anniversary of September 11. The Half Dollar features a unique privy mark: the date of the attack encircled by the phrase “NEVER FORGET.”
Today marks one year since the assassination of my friend, Charlie Kirk. Charlie’s life was defined by conviction, courage, and an abiding love of country. He inspired a generation of Americans to engage in the work of preserving our nation's founding principles of faith and freedom. May we honor Charlie’s memory by carrying forward the causes to which he devoted his life.
By identifying and reporting this suspicious activity, financial institutions have given law enforcement critical insight into the illicit actors who deliberately exploit U.S. health care benefits programs. Treasury will continue working alongside our law enforcement partners to disrupt fraud wherever it occurs, protect Americans, and safeguard the integrity of taxpayer-funded programs.
Treasury Department@USTreasury·The U.S. Department of the Treasury today announced that @FinCENnews has identified approximately $17.5 billion in suspicious financial activity potentially linked to health care fraud, underscoring @POTUS’ commitment to eliminating fraud, protecting taxpayers, and safeguarding the integrity of federal health care programs.
In July, I called on the Senate to advance the Clarity Act — a bill to establish a comprehensive regulatory framework for digital assets and upgrade our ability to prevent bad actors from exploiting these critical technologies. When the Senate returns from August recess, I strongly urge everyone to remain at the negotiating table, agree to the motion to proceed, and continue the legislative process. Failing to do so would send a troubling signal to our allies and adversaries alike that America is unwilling to lead on the future of digital assets and willing to forgo enhanced national security tools to combat their misuse.
Scam centers in Southeast Asia steal billions of dollars from American victims each year. The Trump Administration is united in its efforts to dismantle these overseas criminal enterprises, and Treasury will continue using its tools to disrupt the networks behind this egregious fraud and protect Americans.
Treasury Department@USTreasury·Today, Treasury’s Office of Foreign Assets Control sanctioned Transnational Criminal Organization Xinbi Guarantee, a Chinese-language platform used extensively by Chinese cybercriminals to support cyber scams, fraud, money laundering, and other criminal activity targeting Americans.
Under Operation Economic Outcast, we promised severe consequences for those providing financial lifelines to the Iranian regime. Today, we followed through on that promise with sanctions on companies that continue to support Mahan Air. Let this be a warning to anyone doing business with Iran’s remaining airlines, all of which we sanctioned today: You are at risk of being cut off from the global financial system.
Treasury Department@USTreasury·Today, under Operation Economic Outcast, Treasury’s Office of Foreign Assets Control sanctioned 36 targets for supporting Iran’s aviation sector, which the regime uses to move weapons, personnel, and illicit cargo. Today’s action also targeted covert front companies, foreign intermediaries, and deceptive transshipment routes that Iran relies on to obtain U.S.-origin aircraft and sensitive technology. In addition, @FinCENnews issued an Alert asking financial institutions to report procurement networks supporting Iran’s aviation industry.
This Labor Day, we celebrate the American worker and the policies that are putting their families first. Under @POTUS, real wages are outpacing inflation and low-income workers have experienced faster wage growth than higher earners. Additionally, more than 900,000 private-sector jobs have been created, and working families have claimed $82 billion in tax relief through the Working Families Tax Cuts. The radical left wants to repeal these tax cuts. America's workers deserve to keep more of what they earn, not pay more in taxes.
.@POTUS is creating the conditions for a manufacturing boom. Construction jobs, across factory and trading sectors, are growing 10x faster than under Biden. Our America First pro-growth policies are creating the conditions for greater investment, stronger supply chains, and more opportunities for wage growth. This construction renaissance will continue to drive our manufacturing renaissance.
Since the U.S. reinstated its blockade, no Iranian crude cargoes have successfully transited the Strait of Hormuz to China. Inventory cannot be replenished as crude piles up aboard vessels trapped inside the strait. Iran’s export lifeline is being cut off: stranded oil, finite storage, and rapidly shrinking revenue.
Financial institutions continue to find out the hard way that we are serious about Operation Economic Outcast. While we hope no more banks will need to be sanctioned, that ultimately depends on how quickly the international community comes to its senses and ceases support of the murderous Iranian regime. We know who you are, we know where you are, and we will continue to take action together with our allies and partners until we have buried the head of the Iranian snake.
Treasury Department@USTreasury·Today, as part of Operation Economic Outcast, Treasury severed the Iranian regime’s critical financial lifelines in Türkiye. The Office of Foreign Assets Control designated Türkiye-based Golden Global Bank and its subsidiaries, which have facilitated tens of millions of dollars’ worth of transactions for the Islamic Revolutionary Guard Corps-Qods Force and provide the Iranian regime with key correspondent banking access that allows it to move its funds internationally.
The European Union has officially joined Operation Economic Outcast and we appreciate their strong and early stance. The United States stands firm with our allies in ensuring the murderous Iranian regime cannot exploit the global financial system to fund its nuclear ambitions, weapons programs, and terror proxies. The world is sending a clear message to the Iranian regime: We will not stop until every remaining financial lifeline has been severed.
Under @POTUS, this Administration is standing up for America’s students by ensuring racial discrimination has no place in American education. Schools rebranding race-based preferences as equitable, inclusive, or diversity-enhancing does not change their discriminatory nature. Today’s @USTreasury and @IRSnews proposed regulations establish a clear standard, and the institutions that continue to use discriminatory practices will no longer receive the benefits of federal tax-exempt status.
Over the past few days, we have convened the world’s leading economic policymakers and business leaders here in Asheville around a common purpose of stronger growth. Every discussion brought us back to the same conviction: growth is the strongest foundation for durable prosperity. The private sector does not just participate in economic growth. It is the engine of economic growth. That is the approach the United States has brought to our G20 Presidency: a focus on results. And here in Asheville, we have delivered.
Today, I joined @larry_kudlow for a fireside chat at the G20 Finance Ministers and Central Bank Governors meeting in Asheville. Under the U.S. G20 Presidency, we are bringing the G20 back to its core mission: stronger growth. Growth is the strongest foundation for durable prosperity, and the United States is leading by example through @POTUS’ pro-growth agenda of trade, tax, and deregulation.
In my own life experiences, as a student of economic history, and now as the seventy-ninth Treasury Secretary, it is my firm belief that financial literacy is what fuels the American Dream. My family and I have supported financial literacy around the United States for decades, and it is an honor to elevate this issue as part of the U.S. G20 Presidency. @POTUS is creating an ownership economy where all citizens become shareholders in America’s wealth. With the landmark @TrumpAccounts, every American born between January 1, 2025, and December 31, 2028, is eligible to receive a $1,000 contribution from the Treasury Department that will be immediately invested in an index fund. These investment accounts also create a real-time laboratory of financial literacy for all Americans, providing students with a hands-on education in the power of compound growth.
As he makes our economy the most competitive and dynamic in the world, President Trump is laser-focused on leveling the playing field for American firms and workers following decades of indifference in Washington. Durable growth requires that our economies compete fairly on productivity, innovation, and investment—not distortive policies that push excess production into global markets.
Happening now:
Larry Kudlow@larry_kudlow·Tune in to part one of my interview with Treasury Secretary Scott Bessent from the G20 Finance meeting at 4pm ET. You don’t want to miss it!
I was delighted to welcome my longtime friend, Bank of Japan Governor Kazuo Ueda, to the beautiful Blue Ridge Mountains for the G20 Finance Ministers and Central Bank Governors Meetings. We discussed the strength of the U.S.-Japan alliance, shared macroeconomic and financial priorities, Japan’s monetary policy normalization, and the importance of sound policy formulation and communication to anchor inflation expectations and avoid excess exchange rate volatility.
Readout: home.treasury.gov/news/press-rel…
Under @POTUS, the United States is leading the G20 to address key sovereign debt issues, bolster financial markets, and strengthen the global economy, all in support of our primary objective: stronger global growth.
Economic growth is again the north star of our policies at home and our leadership on the world stage. Under @POTUS, we are getting the G20 back to basics by restoring the purpose for which it was founded.
The United States has the deepest, most dynamic, and most liquid markets in the history of the world. @POTUS’ vision for Parallel Prosperity on Main Street and Wall Street has guided our efforts to right-size and refocus financial regulation on material risk, not social agendas. Under the President’s leadership, we are securing and safeguarding the U.S. banking system while ensuring it remains the gold standard for innovation globally.
Stronger, more durable growth is the central priority of the U.S. G20 Presidency. And under @POTUS, the United States is setting the pace in correcting policy failures that inhibit it. We have made the U.S. the world’s premier destination for capital to flow and for businesses to flourish. Delivered historic tax relief to millions of working families. And reclaimed our position as the world’s energy superpower. These achievements are shaping the next era of growth. And we are just getting started.
Just as @POTUS is reviving American economic growth and making it the centerpiece of this Administration’s agenda, we are taking the same approach and prioritizing growth as the host of this year’s G20 Finance Track. We look forward to convening policymakers and private sector leaders from around the globe to emphasize that stronger growth is not only possible, but necessary.
In her latest sciolistic letter to me, @SenWarren made it clear that she knows even less about foreign exchange markets than she does about banking. What is equally shocking, but not surprising: not a single member of the media mob has a rudimentary-enough level of financial market literacy to spot her remedial error. To reiterate: under @POTUS, the United States delivers for America’s trusted partners. For a fuller explanation, I recommend Senator Warren take any entry level course in international finance for her and her staff, or I can personally give her a tutorial on Foreign Exchange for Dummies. Although I am not holding my breath, I hope her next letter will demonstrate that she has learned the difference between a currency purchase and a swap or a loan.
Treasury promised to sever every economic lifeline Tehran has left and finally end the threat of the Iranian regime. We also warned that Iran’s enablers cannot continue to enjoy access to the U.S. dollar and the global financial system. Banque Misr UAE decided to find out the hard way, and today, we are taking the first step in holding it accountable for its continued, egregious support of the Iranian regime.
Treasury Department@USTreasury·Today, under Operation Economic Outcast, @FinCENnews proposed a rule that would revoke Banque Misr UAE’s correspondent banking access to U.S. financial institutions. Additionally, Treasury’s Office of Foreign Assets Control sanctioned Bank Melli Dubai manager Reza Mohammad Taeedi, along with a Hong Kong-based front company that has helped launder funds for a sanctioned Iranian exchange house. Operation Economic Outcast is severing the remaining financial lifelines that sustain the Iranian regime.
The Blockade and Operation Economic Outcast will crush the failing Iranian economy. The USA has guided 130 millions barrels out over the past 14 days. Iran: 0
U.S. Central Command@CENTCOM·Update from CENTCOM Commander:
As the Iranian people struggle to afford basic necessities, the corrupt regime continues to squander enormous sums abroad. Instead of funneling billions of dollars to its terrorist proxies, the regime should spend that money for its people.
Far-left extremists, their fronts, and their enablers should be on notice: We will bring the full weight of our economic tools to bear. Political terrorism has no place in our society, and we will continue to cut the financial lifelines of these groups until they are eliminated.
Treasury Department@USTreasury·Today, Treasury’s Office of Foreign Assets Control took action to counter the growing threat posed by violent far-left terrorist groups. Globally networked and politically motivated terrorists—particularly far-left terrorists—are increasingly embracing organized, deadly violence in pursuit of their objectives. t.co/Riao16n3zN
I appreciate H.E. Shaikh Salman bin Khalifa Al Khalifa’s coordination on Operation Economic Outcast. Alongside @POTUS, we will continue to work closely to defend the integrity of the global financial system and cripple the threat of the Iranian regime.
Treasury Department@USTreasury·.@SecScottBessent spoke today with Bahrain’s Minister of Finance and National Economy, H.E. Shaikh Salman bin Khalifa Al Khalifa, to discuss Operation Economic Outcast. Secretary Bessent stressed that Iran must not be permitted to threaten international commerce or use the Strait of Hormuz as leverage against the global economy. He also emphasized the importance of sustained financial pressure on Iran’s remaining economic lifelines and underscored that the United States will hold the regime’s financial enablers accountable. Secretary Bessent also welcomed Bahrain’s longstanding partnership and its continued commitment to safeguarding the integrity of the international financial system. The two officials agreed on the importance of continued coordination between the United States, Bahrain, GCC partners, and the broader international community to combat illicit finance and strengthen economic security.
Iran’s leadership is admitting what the world can now see: the pressure is working. President Masoud Pezeshkian acknowledged Iran’s economic shortages, saying, “The war must come to an end at some point.” Mohammad Bagher Ghalibaf, Iran’s parliamentary speaker, was even more direct: “No matter how much military power we have, if people are hungry and we don’t have financial circulation, economic growth and domestic production, we will not endure.” Under President Trump, Treasury will continue to sever every economic lifeline sustaining this regime until Tehran stands alone.
In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions, including those in third countries. Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone. President Trump has taken action that his predecessors have long deferred. Under his leadership, America is no longer managing the Iranian threat. We are ending it. Those who stand with the United States will reap the rewards of our partnership. Those who tether themselves to Tehran should expect to share in the isolation of a withering regime.
On March 6, 2025, at the Economic Club of New York, I said that if I were an Iranian, I would get my money out of the rial. At the time, "official inflation" was 35%, the currency had depreciated by 60%, and the exchange rate was 887,500 rials to the U.S. dollar.
Iran’s currency keeps plummeting: today, crashing through the exchange rate of 2 million rials to the U.S. dollar. Over the weekend, Iran's Central Bank Governor Abdolnaser Hemmati said that the simultaneous drop in Iran’s oil revenues, tax income, and social security contributions has affected every part of Iran's economy. 3 million, here we come!
President Trump has dismantled Iran’s military capabilities, destroyed nearly 100 percent of its military factories, and buried its nuclear program. We are now entering the endgame. At dawn begins an economic D-Day — the single greatest financial offensive ever marshaled against an adversary. The Islamic Republic has subsisted by dressing extortion as security guarantees. It has drawn strength from a calculus that regards Iranian retaliation as certain and American enforcement as negotiable. Under President Trump, that era is over. And those who fear the danger of defying Tehran ought not to discount the cost of testing Washington. The President has created the conditions to leverage every agency, every authority and action many assumed we would never summon. Our objective is to sever every economic lifeline that sustains the tyrannical regime until Tehran stands alone.
Read my full thoughts in the @FT: ft.com/content/cb8652…
Congratulations to @FLOTUS Melania Trump on today's expansion of the Fostering the Future scholarship initiative with IndyCar and university partners. Investing in foster youth is an investment in America's future—and it's great to see these race cars spotlighting such an important cause.
We want to bring the G20 back to its core mission. That mission is talking about what countries can do, what economies can do, and how we can band together to achieve better global growth. Our message to our allies and our trading partners is that global growth is the way to take care of this mountain of debt.
Any remaining tie to Tehran will hasten a nation's economic oblivion, whether that tie be purposefully constructed or willfully ignored.
We were left with a mess. The Biden administration had the highest deficit-to-GDP in history when we weren't at war or weren't in a recession. For 2025, we brought it down by more than a percent.
Once again, the professor has come up short… His latest screed is an impressive display of economic prestidigitation. He concedes that wages are growing faster for low-income workers and then attempts to bury that dispositive fact beneath nearly 2,000 words. Bank of America data show that spending among lower- and middle-income households has converged toward levels at the top as they lead labor market gains. Professor Reich has a documented history of “inventing dialogue” when the truth doesn’t fit his narrative, a habit that forced him to rewrite his memoir after the media exposed his fabrications. Burger King appears not to be the only one who peddles “Whoppers.” As I do not like “punching down,” this will be the last response to his four-decade pattern of packaging falsehoods as fact.
Robert Reich@RBReich·An Open Letter to Scott Bessent robertreich.substack.com/p/an-open-lett…
Under @POTUS, the days of illegal aliens collecting taxpayer-funded benefits are over. The federal law is clear, and @USTreasury is enforcing it. American taxpayers should not be forced to foot the bill for benefits going to those who are barred by law from receiving them. These proposed regulations end the abuse, protect the integrity of the tax system, and put Americans first.
