Scott Bessent
Scott Bessent is the U.S. Secretary of the Treasury, confirmed in January 2025. He founded the macro hedge fund Key Square Group and previously served as chief investment officer at Soros Fund Management. He has been a central figure in trade policy, tariff negotiations, and economic messaging for the administration.
2026 Events (3)
Treasury and IRS proposed stripping tax-exempt status from 18,000 private schools over race-conscious policies
On September 3, 2026, the U.S. Department of the Treasury and the Internal Revenue Service issued proposed regulations (IR-2026-103) that would end Section 501(c)(3) tax-exempt status for private schools, colleges, and universities that adopt, maintain, or enforce race-conscious policies in admissions, scholarships, athletics, or other programs, including policies framed as diversity, equity, or inclusion. Treasury estimated the rule could affect as many as 18,000 institutions and cited Bob Jones University v. United States and Students for Fair Admissions v. Harvard as legal basis; the rule would take effect for taxable years beginning May 31, 2027 or later.
U.S. Treasury designated Palestine Action a terrorist group, criminalizing U.S. support for the UK protest group
On August 26, 2026, the U.S. Treasury Department's Office of Foreign Assets Control designated Palestine Action -- a United Kingdom-based direct-action group that has damaged property at defense-contractor sites -- a Specially Designated Global Terrorist under Executive Order 13224, alongside two other groups. Treasury Secretary Scott Bessent announced the action from Washington, D.C., framing it as combating "far-left terrorism"; the designation freezes Palestine Action's U.S. assets and makes it a federal crime for any U.S. person to provide funds, goods, or services to the group, reaching American donors and supporters even though the conduct Treasury cited occurred in the UK.
Trump signs executive order treating immigration status as a financial-risk factor
On May 19, 2026, President Donald Trump signed an executive order, "Restoring Integrity to America's Financial System," directing the Treasury Department and federal bank regulators to treat customers' immigration status as a financial-risk factor. The order tells Treasury to issue an advisory flagging "red flags" tied to non-work authorized populations -- including the use of Individual Taxpayer Identification Numbers and foreign consular identification cards -- and directs the Consumer Financial Protection Bureau to consider treating "potential deportation and loss of wages" as factors weighing against a borrower's ability to repay. It stops short of an earlier-reported plan to mandate citizenship collection, but legal experts warned it could push undocumented immigrants and other noncitizens out of the banking system.
2025 Events (2)
IRS disclosed 47,000 taxpayers' addresses to ICE under an April 2025 data-sharing deal, later found unlawful in 42,695 cases
On August 7, 2025, the IRS disclosed the last-known addresses of approximately 47,000 taxpayers to Immigration and Customs Enforcement, responding to a June 27, 2025 ICE request for 1.28 million records under an April 2025 data-sharing agreement signed by Treasury Secretary Scott Bessent and Homeland Security Secretary Kristi Noem. Of the addresses disclosed, 90.3% were matched and released through an automated process that never independently verified the addresses ICE had supplied, as Section 6103 requires. A federal judge later found the IRS had violated the statute approximately 42,695 times.
Trump directed AG Bondi to investigate ActBlue while applying no scrutiny to Republican equivalent WinRed
On April 24, 2025, President Trump signed a Presidential Memorandum directing Attorney General Pamela Bondi, in consultation with Treasury Secretary Scott Bessent, to investigate alleged straw-donor and foreign-contribution violations at ActBlue, the dominant Democratic online fundraising platform. The directive cited a partisan House Republican investigation that examined only ActBlue and not WinRed, the structurally identical Republican equivalent. Democratic party leaders called the memo "designed to undermine democratic participation."