Treasury Secretary Scott Bessent testified before the House Ways and Means Committee on Thursday to discuss President Trump's Fiscal Year 2027 budget request.
The hearing serves as a critical juncture for the administration to secure congressional approval for its financial priorities and departmental spending for the upcoming fiscal year.
Bessent appeared before the committee at the U.S. Capitol in Washington, D.C., to outline the Treasury Department's priorities [1, 2]. The session focused on the administration's broader fiscal strategy and the specific funding requirements needed to implement the president's policy goals [1, 2].
During the proceedings, Bessent addressed standards regarding the design and messaging of national currency. "No living person can be on U.S. currency, and the currency must say ‘In God We Trust,’" Bessent said [3].
Lawmakers also questioned the administration regarding its handling of specific financial accounts. Reports indicate the administration abandoned a $1.8 billion settlement fund [4].
The Treasury Secretary's testimony comes as the House Ways and Means Committee evaluates how the proposed budget aligns with national economic goals and legislative mandates. The committee's review of the Fiscal Year 2027 request will determine the level of funding the Treasury receives for its operational and policy initiatives [1, 2].
“No living person can be on U.S. currency, and the currency must say ‘In God We Trust.’”
The testimony underscores the administration's focus on blending fiscal policy with cultural and symbolic priorities, such as currency standards. The abandonment of a $1.8 billion settlement fund suggests a shift in how the Treasury manages previous financial obligations in favor of new FY2027 priorities.
