"What about the housing stock for working Americans? And can you maintain some level of dignity?" Bessent replied.
Treasury Secretary Scott Bessent got into a heated exchange with Democratic Representative Maxine Waters during a House Financial Services Committee hearing on Wednesday, as Waters repeatedly cut him off and at one point asked someone to “shut him up” as he was talking.
Bessent testified before the committee when Waters, the committee ranking member, asked him about the impact of President Donald Trump‘s tariffs on American consumers. “So I ask you, Secretary Bessent, will you be the voice of reason in this administration and urge President Trump to stop waging a war on American consumers, harming housing affordability, and putting the economy at risk? Yes or no. You don’t have to explain,” Waters said.
As he attempted to respond, Waters continued speaking over him. “Will you be the voice of reason? Will you be the voice of reason?”
“A study from Wharton University has shown…” Bessent began, before Waters interrupted again.
“Reclaiming my time. Reclaiming my time. Mr. Chair, will you let him know when I ask to reclaim my time?” she said.
Moments later, as Bessent started to speak again, saying “Ten to twenty million immigrants,” Waters cut him off once more.
“Can you shut him up?” she said.
“What about the housing stock for working Americans? And can you maintain some level of dignity?” Bessent replied.
During the hearing, Democratic Representative Sylvia Garcia also questioned Bessent about how illegal immigration affects housing. Garcia said people in her district live in inexpensive rental homes in poor conditions and asked whether those situations contribute to housing problems.
Bessent responded by arguing that housing markets are interconnected and that lower-priced properties affect overall supply and demand, including higher-quality housing.
"If you think the laws of supply and demand do not apply to housing, I would say you are incorrect,” Bessent said.
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