Trump’s Treasury nominee turns the tables on Sanders in heated exchange over Biden’s “oligarch” comments

Scott Besent, President-elect Trump’s nominee to lead the Treasury Department, sparred with Senator Bernie Sanders over whether the United States is heading toward oligarchy.

Wednesday, President Biden said in his farewell speech That “an oligarchy is forming in America of enormous wealth, power, and influence that literally threatens our entire democracy, our basic rights and freedoms, and our fair chance for all to get ahead.”

In response, Sanders said he agreed with Biden and specifically called out tech giants Elon Musk, Jeff Bezos and Mark Zuckerberg during Besent’s confirmation hearing Thursday before the Senate Finance Committee.

“The three billionaires I mentioned made their money themselves,” Besant said. “Mr. Musk came to the country as an immigrant.”

Learn about Donald Trump’s government: Who has chosen the president-elect so far?

Sanders interrupted Besant and repeated his question.

“Well, I would like to point out that President Biden gave the Presidential Medal of Freedom to two people who I think are qualified to be oligarchs,” Besant said.

Besant’s comment referred to billionaires George Soros and David Rubinstein, who received the award from Biden earlier this month. Bessent, a hedge fund billionaire himselfShe previously worked for Soros.

“This is not a condemnation of any individual,” Sanders said. “I’m just asking you, with so few people (owning) so much wealth and power, do you think this is an oligarchic form of society?”

“Senator, I think it depends on the ability to raise and lower income,” Besant said.

Trump tells EU to buy more US-made oil and gas or face ‘tariffs all the way’

Sanders interrupted Piscent again and eventually dropped the topic before asking Piscent if the hedge fund billionaire would “work with those of us who want to raise the federal minimum wage to a living wage to lift millions of Americans out of poverty.”

“Senator, I think the minimum wage is more of a state and regional issue,” Besant said.

“Don’t you think we should change the federal minimum wage?” Sanders said. “Ours is $7.25 an hour.”

“No, sir,” Besant replied.

Sanders is an outspoken advocate of raising the federal minimum wage and introduced legislation in 2023 that would raise it to $17 by 2028.

Sanders’ home state of Vermont raised its minimum wage from $13.67 to $14.01 an hour this month. The federal minimum wage has remained $7.25 since 2009.

Trump’s Treasury pick: Extending Trump’s tax cuts is ‘most important economic issue’

Besant discussed a range of policy issues with lawmakers on Thursday, including tariffs, tax cuts and sanctions against Russia.

Besant said Renew the Tax Cuts and Jobs Act of 2017 What Trump agreed to during his first administration is critical. Many of the reforms in the measure are set to expire in 2025, but failure to renew the cuts would undermine the middle and working classes, Besant said.

Get FOX Business on the go by clicking here

“This is the most important economic issue today,” Besant said.

“If we do not renew the extension, we will face economic disaster. As is always the case with financial instability, this falls on the shoulders of the middle and working class.”