During a House Financial Services Committee hearing, Treasury Secretary Scott Bessent highlighted concerns regarding the effectiveness of the World Bank and International Monetary Fund, calling for reform due to the economic uncertainty exacerbated by tariffs and trade disputes. Rep. Maxine Waters confronted Bessent at the hearing, revealing their past meeting at a New Year's Eve party. Their banter lightened the serious atmosphere as Bessent continued to stress the necessity for significant changes in international financial institutions amid contemporary economic challenges.
Bessent criticized the World Bank and International Monetary Fund for not fulfilling their missions and called for significant reforms in light of the economic climate.
The exchange between Secretary Bessent and Rep. Waters highlighted the personal history between the two, adding a light-hearted moment amidst serious discussions on financial reform.
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