In a heated session of the House Financial Services Committee on May 7, 2025, tensions boiled over when Rep. Joyce Beatty (D-OH) clashed with U.S. Treasury Secretary Scott Bessent. The exchange turned fiery as Beatty launched into an emotional and accusatory rant that lasted nearly two minutes.
The source of the outrage? Beatty was furious that Bessent would not commit to placing Harriet Tubman on the $20 bill — a long-standing liberal initiative that has yet to materialize. She accused him of ignoring key priorities and took the opportunity to unleash broader criticisms that veered far from the hearing’s original focus.
The session had begun with a discussion on federal requirements for foreign businesses to disclose their ownership to U.S. agencies — a critical part of combating shell companies and illegal financial activity. Beatty, however, quickly pivoted into accusatory mode.
With dramatic flair, she demanded, “Can you explain to the American people how you’re undermining the bipartisan Corporate Transparency Act (CTA) while expecting law enforcement to track down the real owners of these shell corporations?”
She didn’t stop there. Beatty claimed Bessent’s approach would enable criminal enterprises — including drug cartels and gangs — to set up U.S. companies with no accountability. “You mentioned illicit actors in your testimony,” she reminded him, “Well, these are some of them!”
Bessent, staying calm, responded firmly: “Congresswoman, most of the domestic entities you’re referring to are legitimate small businesses run by hardworking Americans.”
This only seemed to fuel Beatty’s anger. She interrupted, pushing back on his distinction between foreign and domestic requirements. “So you’re saying it’s not true that they need to file? That foreign entities have to file with the BOI?”
Bessent clarified, “Yes, under the way the CTA is structured, domestic entities are exempt from that specific filing requirement.”
Unsatisfied with his answers and clearly frustrated, Beatty pivoted to progressive talking points. “You can word it however you want,” she said. “The truth is, this makes it easier for human traffickers, drug cartels, and terrorists to operate right here in the U.S.”
She concluded with a dramatic claim: “By focusing enforcement only on foreign companies, you’re letting 99% of the companies Congress meant to include off the hook. I’ve got my answer, and I understand why we disagree.”
The moment marked a breakdown in civil discourse and a sharp contrast in tone — with Beatty growing more agitated, and Bessent remaining measured throughout.
Observe the tumultuous scene here:
