Trump's billionaire Treasury chief nominee says minimum wage should stay at $7.25 per hour

Billionaire businessman Scott Bessent, President-elect Donald Trump's pick to lead the Treasury Department, argued that the federal minimum wage should remain at $7.25 an hour.

During his confirmation hearing before the Senate Finance Committee on Thursday, Sen. Bernie Sanders (D-VT) asked Bessent about raising the federal minimum wage.

"Right now in America, we have over 22 million workers who are making less than $15 an hour, and nearly 40 million people in our country earning less than $17 an hour," Sanders explained. "Shamefully, the federal minimum wage, despite the efforts of myself and other people here, have not been raised since 2009 and remains an unbelievable $7.25 an hour."

"Will you work with those of us who want to raise the federal minimum wage to a living wage to take millions of Americans out of poverty?" the senator asked.

"Senator, I believe that the minimum wage is more of a statewide and regional issue," Bessent replied.

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"So you don't think we should change the federal minimum wage of $7.25 an hour?" Sanders pressed.

"No, sir," Trump's nominee insisted.

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