Scott Bessent to use U.S. Treasury for foreign policy

U.S. Treasury Secretary Scott Bessent stated that he intends to use the United States Treasury balance as a tool for foreign policy, specifically to build alliances within the Americas.

During a presentation at Southern Methodist University in Texas, Bessent cited Argentina as a primary example of this strategy. He noted that U.S. intervention was used to stabilize the Argentine peso during recent legislative elections to support the government of President Javier Milei. Bessent argued that the administration believed Milei’s policies were solid and sought to prevent market-driven panic from causing a currency crisis.

Bessent highlighted that the goal is to create allies in the Western Hemisphere, referencing similar shifts toward right-wing governments in countries such as Chile, Colombia, Ecuador, and Bolivia. He also mentioned a 2025 assistance package for Argentina, which included a $20 billion currency swap to contribute to the nation's financial stability.