Treasury chief Bessent defends $20B Argentina swap amid Senate pushback

Treasury Secretary Scott Bessent hit again at Sen. Elizabeth Warren, D-Mass., defending the Trump administration’s resolution to offer Argentina with a $20 billion forex swap line with Argentina’s central financial institution earlier in October.

Bessent’s response got here after Warren issued a letter expressing issues and demanding solutions about why the Trump administration was shifting ahead in offering a monetary lifeline to Argentina because the financial system struggles, particularly throughout the U.S. authorities shutdown that started Oct. 1.

“We’re pressured to prioritize mission-critical efforts crucial to meet the President’s constitutional duties – together with nationwide safety and international monetary stability,” Bessent mentioned within the letter, obtained by Fox Information Digital and despatched to Warren on Tuesday.

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Treasury Secretary Scott Bessent hit again at Sen. Elizabeth Warren, D-Mass., defending the Trump administration’s resolution to supply Argentina a $20 billion forex swap line. (Andrew Harnik/Getty Photographs/Getty Photographs)

Bessent then accused Warren of “Peronist views,” a reference to Argentina’s former president Juan Perón, and of Peronism, an ideology that advocates that the federal government ought to have management over the nationwide financial system, in line with the State Division’s Workplace of the Historian.

“It’s little shock – given your Peronist views on huge authorities and freedom – that most of these actions trigger you nice nervousness,” Bessent mentioned.

CNN first reported the letter.

Warren fired again at Bessent on Wednesday, saying Trump was extra targeted on serving to an “ideological ally” than addressing America’s issues throughout the shutdown.

“Finally, President Trump seems bored with meaningfully addressing our nation’s urgent issues which might be certainly ‘mission vital,’” Warren mentioned in a brand new letter on Wednesday. “As an alternative, throughout a authorities shutdown, his administration is engaged on direct purchases of overseas forex — serving to an ideological ally, billionaire buyers and main hedge funds, whereas American farmers and employees miss paychecks and face rising prices for primary requirements.”

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Sen. Elizabeth Warren, D-Mass., and the highest Democrat on the Senate Banking, Housing and City Affairs Committee, launched the No Argentina Bailout Act in October. (Al Drago/Bloomberg through Getty Photographs/Getty Photographs)

Warren, the highest Democrat on the Senate Banking, Housing and City Affairs Committee, launched the No Argentina Bailout Act in October. The measure would stop the Trump administration from utilizing the Treasury Division’s Trade Stabilization Fund, which offers financing to overseas governments, to assist Argentina.

Warren’s workplace didn’t instantly reply to a request for remark from Fox Information Digital.

Bessent introduced on October 9 that the Treasury Division would enter right into a forex trade settlement with Argentina’s central financial institution.

The transfer was made in an effort to stabilize the peso by exchanging it for U.S. {dollars}, and Bessent mentioned in a social media publish that the U.S. “stands instantly ready to take any distinctive measures warranted to offer stability to the markets.”

Since then, Bessent Argentina has issued one other $20 billion in financing, utilizing sovereign wealth funds and people of personal banks.

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President Donald Trump greets President of Argentina Javier Milei upon his arrival on the West Wing of the White Home on October 14, 2025 in Washington. (Kevin Dietsch/Getty Photographs/Getty Photographs)

“We’re engaged on a $20 billion facility that may complement our swap line, with non-public banks and sovereign wealth funds that, in my opinion, could be extra targeted on the debt market,” Bessent mentioned on Oct. 16.

President Donald Trump and President Javier Millei of Argentina have had a heat relationship since Trump got here to energy. For instance, Milei was the primary overseas head of state Trump visited after the 2024 elections.

Amanda Macias of the Related Press and Fox Information contributed to this report.