U.S. Senator Elizabeth Warren has asked Treasury Secretary Scott Bessent to explain why the government intervened in the yen and to spell out the legal authority behind the move. In a letter dated Aug. 13, Warren requested details on how much taxpayer money was used to buy yen and what costs the Treasury expects from the operation. She said Congress requires the Exchange Stabilization Fund, or ESF, to be used cautiously and in ways that advance the national interest, and she asked for a response by Aug. 28. Warren also pointed to an earlier ESF intervention in the Argentine peso market, which she criticized as a politically driven taxpayer bailout. She asked the Treasury to clarify how the latest action could affect the U.S. economy and financial stability. The development was reported by Japan Times and cited by Techub.
U.S. Senator Elizabeth Warren has sent a letter to Treasury Secretary Scott Bessent asking him to explain the legal basis for the government’s intervention in the yen and to disclose how much taxpayer money was used to buy yen, along with the expected cost of the move.
In the Aug. 13 letter, Warren said Congress requires the Exchange Stabilization Fund, or ESF, to be used cautiously in ways that advance the national interest. She asked Bessent to respond by Aug. 28.
Warren also questioned the government’s earlier use of the ESF to intervene in the Argentine peso market, calling it a 「politically driven taxpayer bailout」, and asked how the latest operation could affect the U.S. economy and financial stability.
The report was cited by Techub and attributed to Japan Times.
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