WASHINGTON, D.C. - Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, sent a letter to U.S. Department of the Treasury Secretary Scott Bessent following President Donald Trump’s sudden bailout of Argentina’s economy. In the letter, Waters demands Treasury Secretary Bessent promptly provide a briefing for Committee members and detailed information about the financial assistance being extended to Argentina, including the terms, conditions, safeguards, and justification for the bailout.
Congresswoman Waters raises serious concerns about the Trump Administration’s decision to put U.S. taxpayer dollars at risk to finance a bailout of $20 billion or more for Argentina’s economy at a time when American families are struggling to make ends meet. She notes that working people across the country are facing rising layoffs, high inflation, and the financial strain caused by Trump’s reckless tariff policies and the ongoing government shutdown, which Republicans initiated because of their refusal to negotiate with Democrats to protect health care for millions of Americans.
Waters also points to Treasury’s failure to disclose the terms of the U.S. agreement with Argentina, as well as several troubling aspects of this bailout, including Argentina’s poor record with the International Monetary Fund (IMF), potential conflicts of interest involving Trump allies and donors who stand to profit from the arrangement, and the Administration’s lack of communication with Congress about the situation.
“To date, little is known about the actions and agreements that you and President Trump have made with respect to Argentina…I ask that you and/or other senior Treasury officials immediately provide a briefing for Members of the House Financial Services Committee, which has jurisdiction and oversight of Treasury’s international work and any use of the Exchange Stabilization Fund (ESF). Further, I request that you promptly provide Congress with data, communications, and other information about any recent transactions where the U.S. government provided or pledged to provide assistance to Argentina, along with copies of any agreements for additional assistance, the statutory authority on which you are relying for such actions, and any terms and conditions attached to such assistance,” wrote Ranking Member Waters.
Ranking Member Waters also references the Clinton Administration’s 1995 use of $20 billion from the ESF to support Mexico—an effort marked by extensive engagement with Congress, including multiple hearings and testimony from senior officials. She stresses that Secretary Bessent must demonstrate the same level of transparency and accountability and move to deliver these details without delay.
Read the full letter to Treasury Secretary Bessent here.
Additionally, Ranking Member Waters wrote Chairman French Hill (R-AR), requesting his assistance to organize a briefing with senior Treasury officials for Members of the House Financial Services Committee, which has jurisdiction and oversight of Treasury’s international work and any use of the Exchange Stabilization Fund.
Read the letter to Chairman Hill here.
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