Warren asks Bessent to explain legal basis and costs of yen intervention

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.