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Secretary of the Treasury Scott Bessent Briefs Members of the Media, May 28, 2026

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Summary of key points from Scott Bessent’s media briefing (May 28, 2026)

Economy, jobs, and fiscal claims

  • Tax season and tax cuts

    • Bessent said the U.S. had a “historic” tax filing season after passing what he called the largest tax cuts in U.S. history.
    • He cited:
      • Average refund: nearly $3,300 (up 11% vs. last year)
      • 62 million returns (about 44%) claiming at least one “signature” tax cut:
        • No tax on tips
        • No tax on overtime
        • Reduced taxes on Social Security benefits (he claimed 85% of seniors paid no taxes)
        • Auto-loan auto-deductibility
      • He also claimed Democrats voted against these measures.

  • Growth and unemployment

    • Bessent asserted sustained GDP growth, citing:
      • 2.6% real GDP over the past four quarters
      • an Atlanta Fed prediction of 3.8% for the quarter
    • Unemployment was cited as 4.3%.

  • Interest rates and inflation

    • Asked whether rate cuts will happen soon, he argued disinflation will continue.
    • He pointed to a new working relationship between Treasury and the Fed, saying he expects Fed leadership to balance inflation and growth.

“Trump accounts” and financial inclusion / literacy

Bessent promoted “Trump accounts” (launched via an app on major platforms), claiming:

  • nearly 6 million children signed up
  • launch date July 4
  • Treasury seed funding (he said $1,000 per child born during the administration)
  • six learning pods for financial literacy

He framed the program as expanding equity market participation and education for Americans with limited exposure, claiming 38% have no equity exposure.

Energy markets, Strait of Hormuz, and inflation pressure

On disruptions tied to the Strait of Hormuz, he argued:

  • PCE monthly inflation was 0.2% vs. an expected 0.3%, as evidence inflation isn’t materially worsening.
  • Oil prices fell ~10% in May, and he claimed the market would remain well supplied, with gasoline prices likely to follow.
  • He referenced shipping backlogs but suggested supply would correct if the conflict eases.

Iran negotiations, sanctions, and ceasefire framing

He repeatedly stressed that any arrangement depends on the President’s red lines, including:

  • turning over highly enriched uranium
  • no pursuit of a nuclear weapon

  • free and open navigation/transit through the Strait of Hormuz

  • Ceasefire extension

    • When asked to confirm a tentative 60-day ceasefire extension, he avoided endorsing a finalized deal “before the president” decides, implying there is no publicly confirmed agreement he could pre-commit to.

  • Sanctions relief

    • He said sanctions relief would be slow and conditional.
    • He stated nothing is on the table until required conditions on uranium/nuclear restrictions and open straits are met.

  • Negotiation leverage

    • He claimed U.S. pressure has pushed Iran to the negotiating table, which he said had not previously happened.

Oman and maritime “freedom of navigation”

Asked about claims that Oman might be treated harshly, Bessent said:

  • the President’s intent was freedom of navigation
  • he spoke with the Omani ambassador, who assured him there were no plans to toll the strait
  • punitive action was characterized as a “non-starter,” noting sanctions already affect relevant entities

Digital currency and privacy

On digital currency concerns, he stated:

  • no central bank digital currency (CBDC) will be pursued
  • the administration supported stablecoin legislation, referencing the “Clarity Act” moving through Congress
  • the priority is bringing digital assets “on shore” to replace an offshore “wild west” with U.S. regulation and standards

DOJ/Treasury and the IRS settlement / “weaponization fund”

Asked about an IRS settlement and its rollover into a DOJ weaponization fund, Bessent said:

  • there is ongoing litigation, so he would not comment on process details
  • he alleged the Trump family was harmed by improper conduct (citing an IRS leak of 400,000+ returns)
  • he directed follow-up to Acting Attorney General Todd Blanche

Other policy topics addressed

  • AI executive order / Anthropic

    • He said government and labs are collaborating, emphasizing balancing innovation and safety while maintaining U.S. AI leadership.

  • AI and risks

    • He referenced concerns like deepfakes but kept details at a high level.

  • Cuba sanctions

    • He suggested sanctions can “go up or down” depending on the Cuban government’s response.
    • He said humanitarian engagement was rejected by the regime through a corrupt system and praised Marco Rubio for managing the process.

  • Antifa funding investigation

    • He said an investigation with the FBI is ongoing, with “substantial progress.”
    • He pointed to nonprofit compliance guidance (Form 990) requiring nonprofits to understand grant recipients.

  • Savings rate question

    • He said lower savings can reflect multiple factors (e.g., confidence or market gains not showing up as savings), rather than assuming households are necessarily drawing down savings for essentials.

  • Sanctions on Russia

    • He argued the administration has applied the hardest sanctions on Russia, including sanctioning major Russian oil firms (Lukoil and Rosneft), contrasting them with what he called earlier “mild” sanctions.

  • $250 bill / President on currency

    • He claimed Treasury must follow existing legal rules (e.g., “In God We Trust” and limitations on living persons on currency).
    • He said the issue is for Congress, while Treasury prepared operationally in advance if legislation passes.

  • Newsom proposal

    • He responded to a reported idea of a 100% state tax on Californians receiving money from an “anti-weaponization fund” with a dismissive remark: “there’s no cure for stupid”.

Presenters / contributors (named in the briefing)

  • Scott Bessent (Secretary of the Treasury)
  • Ed (reporter/interviewer; first name only, “Dr. Ed” mentioned)
  • Peter (reporter/interviewer; last name not given)
  • Dr. Mnuchin (named/mentioned—likely a prior reference to a different figure; included as spoken)
  • Dr. Walsh / Chair Walsh (Fed chair referenced as having breakfast with Bessent)
  • Todd Blanche (Acting Attorney General, mentioned)
  • Secretary Rubio / Marco Rubio (mentioned)
  • Secretary Blinken / Antony Blinken (mentioned as White House briefer; name spoken)
  • Ben Chair / Chair Powell (Fed chair referenced; “Chair Powell” spoken)
  • Reagan Reese (The Daily Caller; interviewer)
  • Carol (Lindell TV; interviewer)
  • Jack (reporter/interviewer; last name not given)
  • Much Shirazi (Daily Mail; interviewer)
  • Gavin Newsom (mentioned)
  • Jake Sullivan (mentioned)
  • CENTCOM (referenced; not a person)

Original video