Episode Details

Treasury Secretary Scott Bessent made headlines on Thursday with a strong move against a Swiss bank. According to Reuters, the US Treasury Department proposed a rule to sever MBaer Merchant Bank AG from the US financial system. The reason involves alleged ties to Iran and Russia. Treasury officials claim the bank facilitated corruption, Russian money laundering, and support for Irans Islamic Revolutionary Guard Corps and its Quds Force. These groups face US sanctions. Bessent stated, Banks should be on notice that the US Treasury will aggressively protect the integrity of the US financial system using the full force of our authorities. He highlighted that MBaer funneled over a hundred million dollars through the US system for these illicit actors.

In other news, the Winnipeg Free Press criticized Bessent for comments on Canadas internal affairs. The article questions why he publicly discussed Albertas natural resources and independence. Bessent told a US interviewer that Alberta has great resources and independent people, suggesting they could partner more closely with the US. Critics call this intrusive, breaking long-standing diplomatic norms between the US and Canada. They link it to President Trumps strategy amid trade tensions and potential referendums in Alberta or Quebec.

Fox News also covered Bessent reacting to a Supreme Court ruling on tariffs. He lamented it as a loss for American people, tying into broader economic policies.

These developments show Bessent actively using Treasury powers on global finance and international relations in his early days as secretary.

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