The dispute
erupted after Warren questioned the Trump administration's use of the
Treasury’s Exchange Stabilization Fund to counter the yen's 40-year low,
worrying about taxpayer costs and demanding details.
Bessent fired back in letters and on X, explaining it was just an exchange of existing assets—no new funds or loans to Japan—and mocked Warren's understanding, even offering a 'Foreign Exchange for Dummies' tutorial.
Warren countered that the effort failed and hurt U.S. families, spotlighting partisan rifts on Treasury transparency and foreign exchange policy.