Treasury Probe Targets Potential Fraud Linking Minnesota Funds to Terrorist Group

Scott Bessent has had a busy stretch as Secretary of the Treasury, with two major storylines emerging in the past few days that listeners should know about.First, Bessent is moving aggressively on financial crime and terrorism financing. Alpha News reports that on December twelfth he announced new enhanced reporting requirements for certain money transfer businesses that send funds to high risk regions such as Somalia. According to that report, the Treasury Department and the Internal Revenue Service will issue notices of investigations to some money service businesses, bringing them under closer scrutiny for potential welfare fraud, money laundering, and possible links to terrorist groups. Bessent said Treasury personnel are already on the ground in Minnesota as part of a broader federal probe into allegations that fraudulent welfare payments were routed through informal transfer networks and that terrorists in Somalia may have taken a cut of those funds. He emphasized that under President Donald Trump the department intends to fully investigate, analyze, and permanently shut down what he called a massive fraud ring.At the same time, Bessent is at the center of a very different kind of money story that could hit listeners wallets in a positive way early next year. Fox Business and the Economic Times both report that he is forecasting what he calls very large tax refunds for American households in the upcoming filing season. In an interview with NBC Ten Philadelphia, cited by Fox Business, Bessent explained that changes in the One Big Beautiful Bill Act, passed in July, included retroactive tax relief that most workers did not adjust their paycheck withholding for. As a result, he expects total refunds of roughly one hundred billion to one hundred fifty billion dollars, which he estimated could translate to about one thousand to two thousand dollars per household when those refunds go out in early twenty twenty six. The Economic Times notes that this surge in refunds is being likened by some observers to a kind of de facto stimulus, arriving at a time when many families are still strained by higher prices for housing, groceries, and health care.Bessent has linked these tax changes to a broader Trump administration effort to extend the earlier twenty seventeen tax cuts, avoid an automatic tax hike in twenty twenty six, and support consumer spending going into the new year. Taken together, his recent moves show a dual focus on tightening the net around illicit financial flows while loosening the tax burden on working households.Thank you for tuning in, and remember to subscribe so you never miss an update. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

14 Joulu 2min

Listeners, Scott Bessent has been in the headlines over the past few days for two big moves as Secretary of the Treasury, one focused on cracking down on suspected fraud and terror finance links, and another centered on promising unusually large tax refunds for American households next year.According to Alpha News and a report originally published by The Epoch Times, Bessent announced on December twelfth that the Treasury Department will impose what he called enhanced reporting requirements on certain money transfer businesses that send funds to high risk regions such as Somalia. He said some money service firms will also receive formal notices of investigations, with Internal Revenue Service teams brought in to scrutinize flows that may be tied to what he has described as a massive welfare fraud ring based in Minnesota. That probe was launched after City Journal published an investigation alleging that Minnesota taxpayer funded welfare fraud was helping finance the extremist group Al Shabaab. Bessent has emphasized that under President Donald Trump the Treasury will use geographic targeting orders to force more detailed reporting from money transmitters in specific locations, funneling that information to the Financial Crimes Enforcement Network and then to law enforcement to pursue potential money laundering and terror finance networks.At the same time, Bessent has been making news on the domestic tax front. In an interview highlighted by Fox Business and also covered by outlets such as AOL and The Economic Times, he said American households should expect what he called very large refunds in the tax filing season early next year, thanks to the One Big Beautiful Bill Act, a recent Trump backed tax law. Because the law was passed in July and included retroactive tax relief, many workers did not adjust their paycheck withholding. Bessent projected that total refunds could reach one hundred billion to one hundred fifty billion dollars, which he estimated could translate into roughly one thousand to two thousand dollars per household. He also pointed out that once workers do change their withholding, they should feel a more permanent boost in take home pay in twenty twenty six. The law also extends lower tax rates and higher standard deductions that were set to expire, preventing what would have been a broad tax hike.These two stories together show Bessent trying to balance aggressive enforcement on suspected fraud and terror linked money flows, while simultaneously selling a message of tax relief and higher disposable income for working Americans.Thank you for tuning in, and make sure to subscribe. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

14 Joulu 2min

Scott Bessent has quickly become one of the most scrutinized figures in Washington as he settles into his role as Secretary of the Treasury under President Donald Trump. In the last few days, public attention has zeroed in on a controversial set of decisions tying together farm policy, trade tensions, and an aggressive intervention in foreign currency markets.According to a December statement from Congressman David Scott of Georgia, the Trump administration has moved forward with a twelve billion dollar farm aid package aimed at easing the damage from tariffs and the ongoing trade war. Scott argues that farmers are suffering billions in losses due to these policies and that the aid package falls far short of what is needed to offset the long term harm to American agriculture. He criticizes the administration for offering what he calls short term relief instead of reversing the underlying trade measures that are hurting producers.What has drawn even sharper scrutiny to Secretary Bessent is the timing and scale of a separate decision. Congressman Scott notes that this twelve billion dollar package followed close on the heels of a forty billion dollar commitment by the Trump administration to help backstop Argentinas collapsing currency, a move coordinated through the Treasury Department under Bessents watch. Scott warns that this exposes United States taxpayers to what he terms extraordinary risk, especially when farmers at home are being asked to get by with far less support.In October, Scott sent a formal letter directly to Treasury Secretary Scott Bessent questioning the rationale and safeguards around the Argentina support package. He argued that the administrations trade war has already pushed global buyers to shift away from American farm products and toward competitors like Argentina. From his perspective, the combination of tariffs at home and financial lifelines abroad sends a troubling message about priorities.So far, the Treasury Department has not publicly reversed course on either the Argentina commitment or the farm aid structure, and listeners can expect continuing debate in Congress over whether Bessents approach adequately protects domestic producers while managing global financial risks. The clash between trade policy, farm stability, and international rescue efforts is likely to define much of the early narrative around his tenure as Secretary of the Treasury.Thank you for tuning in, and remember to subscribe so you never miss an update. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

11 Joulu 2min

Scott Bessent has been back in the spotlight in recent days as he works to define the Trump administrations economic message while confronting political and legal storms around federal money.In an interview on the Sunday program Face the Nation, highlighted by Fox Business and WTHR, the Treasury Secretary said the United States is on track to finish the year with roughly three percent real gross domestic product growth, despite a turbulent year marked by new tariffs, a government shutdown, and shifts in immigration policy. He pointed to strong consumer spending during the holiday season and noted that several quarters have already shown around four percent growth. At the same time, he acknowledged what he called an affordability problem, arguing that inflation has come down from its peak but many families still feel squeezed by higher prices.According to Fox Business, Bessent defended the administrations record by saying that real incomes are up slightly and that the goal for next year is to move from affordability concerns toward renewed prosperity. He repeated his claim that the Biden administration was responsible for the worst inflation in fifty years for working Americans, while insisting that current policy has helped pull inflation down from its previous highs.Bessent has also been drawn into a politically charged fraud scandal in Minnesota. The National News Desk reports that he used his Face the Nation appearance to detail a Treasury Department investigation into more than one billion dollars in alleged pandemic era and state level fraud, including the Feeding Our Future case that prosecutors have called one of the largest pandemic frauds in United States history. Bessent said Treasury is tracking whether diverted funds were sent overseas to the Middle East and Somalia, and whether any of that money may have reached terrorist organizations.His comments sparked a sharp exchange with Minnesota Representative Ilhan Omar. According to coverage from The National News Desk, Bessent accused Omar of gaslighting the American people about the seriousness of the allegations. Omar responded that if stolen funds were tied to terrorism, that would represent a failure of the Federal Bureau of Investigation, not her own conduct, and noted that her campaign has returned donations from individuals charged in the Feeding Our Future case. The House Oversight Committee, led by Chairman James Comer, has opened its own inquiry into how state officials handled whistleblower warnings.Together, these developments show Bessent trying to balance a confident economic narrative with an aggressive posture on financial enforcement and political accountability.Thank you for tuning in, and be sure to subscribe so you do not miss the next update. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

9 Joulu 2min

Treasury Secretary Scott Bessent continues to establish himself as the defining economic figure of the Trump administration, making headlines across multiple fronts this week.On Sunday, Bessent appeared on CBS News Face the Nation where he predicted the United States will finish 2025 with three percent real GDP growth despite economic headwinds from tariffs and immigration policy changes. He noted that the economy has performed better than expected, with the country seeing four percent GDP growth in a couple of quarters. This projection comes despite a rocky start to the year that saw a contraction in the first quarter, followed by a strong rebound in the second quarter.When pressed about inflation concerns and polling showing Americans disapprove of the administration's handling of the economy, Bessent acknowledged that affordability remains a challenge. However, he separated the issue into two components, pointing out that while inflation occurred during the Biden administration, real incomes have risen about one percent. He indicated the administration plans to move toward prosperity in the coming year.Bessent also used his Sunday appearance to discuss a significant fraud investigation involving Minnesota. He revealed that the Treasury Department is investigating whether taxpayer money connected to massive fraud schemes totaling over one billion dollars may have been funneled to terrorist organizations linked to Somalia. Bessent stated that tracked money has gone overseas to both the Middle East and Somalia. This escalated into a public clash with Democratic Representative Ilhan Omar of Minnesota, who pushed back on suggestions of terrorism connections, arguing that any such linkage would be the responsibility of the FBI rather than the Treasury Department.The fraud investigation, which dates back to 2022, includes nearly three hundred million dollars stolen from the nonprofit organization Feeding Our Future. Omar acknowledged that people involved in the scheme had donated to her campaign but stated those donations have been returned.Beyond these recent comments, Bessent has solidified his position as perhaps the most influential economic figure in Trump's circle. His background as a hedge fund manager and former chief investment officer at Soros Fund Management has given him credibility both on Wall Street and within the administration. He has played significant roles in managing tariff announcements, stabilizing Treasury markets, and shaping broader economic policy direction.Thank you for tuning in to this economic update. Be sure to subscribe for more coverage of Treasury Department activities and economic policy decisions. This has been a Quiet Please production. For more, check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

9 Joulu 2min

Treasury Secretary Scott Bessent has been at the center of several significant policy announcements and economic debates over the past week. On December 1st, Bessent announced that the Treasury Department would be opening an investigation into Minnesota Governor Tim Walz's oversight of state social programs that have been impacted by fraud. Federal prosecutors have charged dozens of people with defrauding Minnesota social programs since 2020, with recent reporting highlighting connections to the Somali American community. This investigation marks a major federal response to what officials are calling a massive scandal.Bessent has also been heavily involved in defending the Trump administration's tariff agenda. He insists that Trump's tariff plan is permanent, claiming the White House can recreate it even if the Supreme Court rules against the administration. The tariff dispute centers on whether President Trump has the legal authority to impose duties under the International Emergency Economic Powers Act, a 1977 law that does not explicitly mention tariffs. Bessent has argued that tariffs are not taxes, a position that contradicts most economists and major dictionaries including Oxford English Dictionary and Merriam Webster.Since baseline tariffs took effect in April, economic data has shown troubling trends. Hiring has slowed, unemployment has increased, manufacturing activity has declined, and inflation has accelerated each month. Consumer sentiment has plunged to record lows, with the University of Michigan Index averaging only 57.6 in 2025, the lowest annual average in history. Despite these headwinds, the stock market has advanced 17 percent this year, though economists warn of potential volatility.The average tariff rate has climbed to 16.8 percent on US imports, up from 2.5 percent last year, representing the highest level in 90 years. Bessent argued that tariffs are good for labor and will bring manufacturing jobs back to the United States to strengthen national security. However, economic data suggests the opposite effect has occurred.If the Supreme Court determines the president exceeded his authority under IEEPA, roughly 90 billion dollars in tariff revenue collected in fiscal 2025 would need to be repaid. This could force the government to borrow money by issuing Treasury bonds, potentially driving up interest rates and impacting the stock market negatively. The Supreme Court heard arguments in November and is expected to issue a decision in the coming weeks.Thank you for tuning in. Please remember to subscribe for more updates on Treasury Department policy and economic news. This has been a quiet please production. For more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

7 Joulu 2min

Scott Bessent has quickly become one of the most visible figures in the Trump administration as Secretary of the Treasury, and the last few days have highlighted the scale of the economic and political battles he is leading.According to Fortune, Bessent is aggressively defending President Donald Trumps sweeping tariff program as a permanent feature of United States economic policy, even as it faces a high stakes legal challenge at the Supreme Court. In recent remarks, he argued that the administration could simply redesign and reimpose its tariff structure using other legal authorities if the Court strikes down the current version that relies on the International Emergency Economic Powers Act. Fortune reports that Bessent has framed these tariffs as central to reshoring manufacturing and strengthening national security, insisting that they are good for American labor and warning that abandoning them would undercut working class gains.Nasdaq, summarizing the broader economic context, notes that since the baseline tariff took effect in April, hiring has slowed, unemployment has risen, inflation has accelerated, and consumer confidence has slid toward record lows. The article highlights that Bessent has pushed back on the widespread economic view that tariffs function as a tax on imports, recently saying that he does not believe tariffs are a tax, a statement that puts him at odds with most economists and standard dictionary definitions. Nasdaq also reports that Bessent has called a possible Supreme Court rejection of Trumps tariff authority a loss for the American people, even though many large companies are now suing to recover tens of billions of dollars in duties that might have been collected illegally.Beyond tariffs, Bessent has moved the Treasury into politically sensitive territory at home. The newsletter Tangle reports that on December first, he announced a new Treasury investigation into Minnesota Governor Tim Walzs oversight of state welfare programs following high profile fraud cases tied to federal funds. By opening this probe, Bessent has put the weight of the federal financial apparatus behind a case that blends questions of program integrity, immigration, and counterterrorism financing, intensifying scrutiny on how social funds are monitored and audited.These moves together show Bessent using the Treasury not only as an economic manager but as a central instrument in the administrations broader agenda on trade, law, and domestic governance. His decisions in the coming weeks, especially as the Supreme Court ruling on tariffs approaches, are likely to have significant consequences for markets, federal finances, and the political climate.Thank you for tuning in, and please remember to subscribe. This has been a quiet please production, for more check out quiet please dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

7 Joulu 2min

Scott Bessent continues to shape Treasury policy as he navigates significant economic challenges facing the nation. Recent developments show the Treasury Secretary actively engaged in fiscal management and international economic coordination.In early December, Bessent has been focused on addressing inflation concerns and maintaining economic stability as the Federal Reserve continues its policy deliberations. The Treasury Department under his leadership has been monitoring financial markets closely, particularly given volatility in bond markets and shifting interest rate expectations. Bessent has emphasized the importance of sound fiscal policy while working to manage the nation's debt obligations.One key area of Bessent's attention involves international economic relations. He has maintained dialogue with counterparts from major economies to coordinate on financial stability issues. The Treasury under his direction continues to monitor global supply chains and their impact on American economic conditions. Bessent has also been engaged in discussions regarding trade relationships and tariff policies as the administration shapes its economic agenda.Domestically, the Treasury has been working on implementation of various tax and spending policies passed by Congress. Bessent has advocated for fiscal responsibility while acknowledging the need for strategic investments in infrastructure and economic growth. His team at Treasury has been analyzing economic data to provide recommendations to the President and Congress on pressing fiscal matters.The Secretary has also focused on financial regulation and banking stability following recent banking sector challenges. Treasury officials under Bessent have worked with the Federal Reserve and other regulatory agencies to ensure the soundness of the financial system. He has emphasized the importance of maintaining confidence in American financial institutions both domestically and internationally.Bessent's background as a hedge fund manager and former Deputy National Security Advisor brings a unique perspective to Treasury operations. His experience in financial markets has informed his approach to economic policy during what remains a period of uncertainty for many Americans facing inflation and cost of living challenges.As listeners continue to follow economic developments, Bessent's leadership at Treasury will remain central to how the administration addresses ongoing fiscal challenges. Thank you for tuning in and please remember to subscribe for more updates on Treasury policy and economic news.This has been a Quiet Please production. For more check out quietplease dot ai.For more http://www.quietplease.aiGet the best deals https://amzn.to/3ODvOtaThis content was created in partnership and with the help of Artificial Intelligence AI

4 Joulu 2min