Bloomberg Talks US Treasury Secretary Scott Bessent Talks Treasury Department Concerns
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Feb 6, 2025 
Scott Bessent, the US Treasury Secretary, discusses critical concerns within the Treasury Department. He addresses the challenges faced by the IRS, such as outdated tech and privacy issues. Bessent explains the importance of a strong dollar and how foreign trade policies impact the economy, especially concerning China. He also shares insights into the Treasury's debt strategies and the necessity for tax reforms. Lastly, he emphasizes the value of mental health support in governmental roles, highlighting the collaborative relationship with the Fed.
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DOGE Team Access
- Bessent personally interviewed one of the two Treasury employees on the DOGE team.
- These employees are on a read-only operational program suggesting improvements, not "tinkering."
System Change Authority
- The DOGE team has no ability to change the payment system.
- The authority to change the system resides with the Federal Reserve, not the Treasury.
IRS Systems and Privacy
- Bessent highlighted IRS privacy concerns, noting a history of leaks and outdated systems.
- He mentioned the IRS still uses COBOL, a programming language he learned in college in 1980.