WASHINGTON, D.C. - Today, U.S. Senator John Barrasso (R-Wyo.) questioned U.S. Secretary of the Treasury Scott Bessent on preventing Internal Revenue Service (IRS) overreach, helping families access new tax cuts included in the Working Families Tax Cuts law, expanding access to low-cost retirement plans, and maintaining maximum economic pressure on Iran.

Secretary Bessent spoke during today's Senate Finance Committee hearing to review President Trump's budget request for the Department of the Treasury for Fiscal Year 2027.

On IRS Politicization:

"Thanks, Mr. Chairman. Well, talking about draining the swamp - I appreciate what you're doing, Mr. Secretary. Because you inherited a very troubling record of misconduct in terms of the IRS politicization.

"And you moved quickly. You championed the efforts to turn that around.

"We saw under the Obama administration, the IRS spent years systematically targeting conservative nonprofit groups.

"Tea Party groups. Faith-based organizations. Christians. Conservatives.

"The Biden administration - their IRS continued that same pattern.

"A recent Department of Justice report noted the Biden IRS investigated churches based on what their pastors preached.

"We can go on and on - about the Bible teachings that were typically affiliated with the Republican party. Those were being attacked by previous administrations.

"So, this wasn't, to me, tax administration. This was government intimidation.

"The American people aren't standing for it.

"Can you tell us what the Treasury Department has done to ensure that something like this - that this targeting by the previous administration and the Obama administration as well - that these persecutions are going to stop?"

On Tax Cuts Still Ahead:

"I want to talk about the tax cuts we were able to pass last year. And you were so helpful in our efforts to get the Working Families Tax Cuts bill passed.

"We see now in the tax returns this year - over 60 million Americans have claimed at least one of these Republican new tax cuts.

"No Tax on Tips. No Tax on Overtime. The Senior Deduction.

"Refunds were up. Paychecks are bigger. I think it's important for families to know all of the things that are in this legislation.

"You and I have talked about it. But I continue to travel, as do other members, around our home states. And some people aren't aware of many of the things that are advantaged here.

"How is the Treasury Department ensuring that families across the country can access everything that this law has to offer them?"

On Retirement Security:

"I want to ask about the issue of retirement security. Because about 50 million Americans have no access to a workplace retirement plan.

"And in Wyoming, that's about 65,000 independent truckers, contractors, ranchers - other self-employed individuals as we see all across the country.

"President Trump recently signed an Executive Order to try to change that.

"The order directs you and the Treasury to provide workers with access to low-cost retirement plans with matching federal contributions.

"Under your leadership, Treasury is working on legislative recommendations to build on this framework - to help these individuals.

"What is your vision for helping to close that retirement coverage gap?"

On Continuing Economic Pressure on Iran:

"And then a final question. And it's on continuing the economic pressure on Iran.

"The President talks about 'Maximum Pressure.'

"How does your budget help ensure that Treasury has the tools that you need to keep that economic pressure?"

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