Treasury Secretary Scott Bessent looks on at the White House in Washington, D.C. on Dec. 13, 2025. REUTERS/Aaron Schwartz
Democrats are planning to go after Treasury Secretary Scott Bessent if they win control of Congress in the midterms, with Politico predicting an “all-out brawl.”
Citing people with direct knowledge of Democrats’ plans who were granted anonymity, Politico reported that Democrats who would lead the committees overseeing the Treasury Department and the IRS are preparing to investigate what it called Trump’s alleged "self-enrichment schemes" and efforts to dismantle regulatory agencies.
According to the report, Bessent has made powerful enemies on the relevant committees and can expect an onslaught of congressional pressure.
The target list includes the deal the IRS signed off on in May "to spare Trump and his family from tax audits," the preliminary approval of a banking charter for an arm of Trump’s cryptocurrency business, the use of tax data to carry out the administration’s mass deportation agenda, and the near-dismantling of the Consumer Financial Protection Bureau.
Winning the House or Senate would give Democrats more staff and subpoena power to demand records and testimony, Politico reported.
“There’s a lot of work to do,” said a senior Democratic aide on the Senate Finance Committee. “One of the first priorities will be digging into the corrupt deal to grant Trump and his family blanket immunity from tax audits — essentially a blank check to cheat on his taxes.”
Politico reported that oversight efforts “could get ugly.” Bessent has been combative with Democrats, using congressional appearances to lob personal attacks at Sens. Ron Wyden (D-OR) and Elizabeth Warren (D-MA) and Reps. Maxine Waters (D-CA) and Richard Neal (D-MA), the top Democrats on the Finance, Banking, Financial Services and Ways and Means committees. All four declined to comment for Politico's piece.
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