Treasury Secretary Scott Bessent clapped back at Sen. Elizabeth Warren (D-Mass.) over her recent criticism, scolding her as an economic ignoramus who should probably stay in her own lane.
Warren slammed the recent decision to intervene in markets to prop up the Japanese yen, with the ranking Democrat on the Senate Banking Committee claiming that the move could put American taxpayers on the hook if Japan isn’t able to reimburse the Treasury in an August 13 letter to the nation’s top financial official.
“Given that American taxpayers would ultimately bear the cost if Japan were unable to repay the Department of the Treasury (Treasury), it is critical for Congress to understand the Administration’s justification for the intervention,” she wrote.
On Friday, Bessent shared a copy of his reply to the shrill senator, ridiculing her lack of economic understanding and charitably offering to personally give the Massachusetts Democrat a “tutorial on Foreign Exchange for Dummies.”
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… pic.twitter.com/0mmp2tapqJ
— Treasury Secretary Scott Bessent (@SecScottBessent) August 28, 2026
“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,” Bessent began. “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.”
“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,” the Treasury secretary wrote.
As Bessent explained in his letter: “Treasury exchanged existing Exchange Stabilization Fund foreign-currency assets for yen. No new congressional appropriation was involved, and no credit was extended to Japan. Japan owes Treasury nothing. There is therefore no risk that Japan will fail to repay a debt that does not exist.”
Not one who is receptive to criticism, Warren fired back.
Tough couple weeks for Sec. Bessent.
His effort to prop up a foreign currency hasn’t worked. His failed intervention in Treasury markets was blasted by his mentor as burning “two centuries” of credibility.
Trump’s economy is crushing families. Maybe he should focus on that. https://t.co/VlFohW6Lrr
— Elizabeth Warren (@SenWarren) August 28, 2026
“Tough couple weeks for Sec. Bessent. His effort to prop up a foreign currency hasn’t worked. His failed intervention in Treasury markets was blasted by his mentor as burning ‘two centuries’ of credibility,” she wrote in response. “Trump’s economy is crushing families. Maybe he should focus on that.”
Unfortunately for America, “Pocahontas” declined the “Foreign Exchange for Dummies” tutorial.
“The American people deserve oversight grounded in facts rather than slogans. Although I am not holding my breath. I hope your next letter will demonstrate you have learned the difference between a currency purchase or a swap or a loan,” Bessent wrote in the Aug. 27 letter.
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