Secretary Bessent's First Year
Making America Great Again
In President Trump's second administration, Secretary Scott Bessent has led Treasury's efforts to restore American prosperity, efficiency, safety, and global respect.
Secretary's Message
"President Trump has outlined a vision for a stronger, safer, and more prosperous America, and I am honored to work for him in implementing this vision."
"The three components of the Trump economic agenda—tariffs, tax cuts, and deregulation—are not standalone policies. They are interlocking parts of an engine designed to drive economic growth and domestic manufacturing."
Key Accomplishments
Historic achievements in economic growth, government efficiency, national security, and international leadership.
Economic GrowthH.R. 1
One Big Beautiful Bill
Signed by President Trump on July 4, 2025, making 2017 working families tax cuts permanent, establishing Trump Accounts, "No Tax on Tips," and senior deductions.
Efficiency$2BIRS IT Budget Savings
Cut wasteful contracts and eliminated unused licenses without any operational disruptions.
National Security450+Iran Sanctions Designations
Maximum pressure campaign targeting entities, vessels, and shadow banking networks funding terrorism.
Digital AssetsGENIUS ActStablecoin Framework
Signed by President Trump on July 18, establishing regulatory framework for dollar-backed stablecoins and reinforcing USD dominance.
Detailed Accomplishments
Explore Treasury's achievements across four key areas.
01Making America Prosperous Again
Tax reform, economic wins, and digital asset leadership
Making America Prosperous Again
Tax reform, economic wins, and digital asset leadershipTax Reform
- Led negotiations onOne Big Beautiful Bill (H.R. 1), signed by President Trump on July 4, 2025
- Made 2017 Tax Cuts and Jobs Act individual rates and standard deduction levelspermanent
- Championed"No Tax on Tips" provision and overtime pay deduction for 2025-2028
- Established$6,000 deduction for individuals 65 and older through 2028
- LaunchedTrump Accounts with $1,000 deposits for newborns
Digital Assets
- GENIUS Act signed July 18, establishing regulatory framework for dollar-backed stablecoins
- Released 180-Day Crypto Report with100+ regulatory and legislative recommendations to make America the crypto capital of the world
- RescindedDeFi broker reporting rule that stifled digital asset innovation
- Provided interim guidance relating to the application of thecorporate alternative minimum tax (CAMT) to ensure future growth of the digital asset ecosystem
- Issued guidance clarifying whencrypto exchange-traded products (ETPs) can stake assets without jeopardizing their tax status
Economic Wins
- Overall real goods output is up9.2% at an annualized rate since Q1 2025, the best non-pandemic performance in over a decade
- Initial jobless claims, a leading indicator of the labor market, fell backbelow 200,000 and remain at historically low levels
- Strong retail sales led the Atlanta Fed to revise up its estimate of Q4 2025 real GDP to5.3%
- Real GDP excluding the federal sector has grown close to4.7% at an annualized pace since President Trump took office
- The December Treasury budget statement showed a deficit of$145 billion which was $10 billion below market expectations
- The 2025 calendar year budget deficit was just$1.667 trillion, down a substantial $351 billion or 17% lower than the 2024 budget deficit
- Relative to the size of the economy, the budget accounted for5.4% of GDP, which is down sharply from a 6.9% budget deficit to GDP ratio in 2024
- Last year's drop in the budget deficit to GDP ratio represented themost significant non-pandemic related improvement since 2013
Bank Regulatory Reform
- Proposed reduction to enhanced Supplementary Leverage Ratio to support Treasury intermediation
- Ended politicized reputation risk in bank supervision
- Secured G7 agreement protecting U.S. companies from OECD Global Tax Deal
- ReprioritizedFSOC to focus on sustainable long-term economic growth and economic security, modernizing regulations, reducing undue burdens, and fostering a financial system that supports resilience, innovation, and enduring U.S. financial stability
02Making Treasury Efficient Again
IRS modernization, cost savings, and deregulation
Making Treasury Efficient Again
IRS modernization, cost savings, and deregulationCost Savings
- Cut$2 billion from IRS IT budget without operational disruptions
- Eliminated wasteful contracts including auto-renewed licenses unused for years
- Reducing redundant contracts that held the codebase hostage
- Eliminated the penny—saving taxpayers$85 million annually in production costs
IRS Modernization
- New compliance strategy aims todouble collections with enhanced software tools
- Launched Unified API Layer project after 20 years and $4B in previous attempts
- Strengthened privacy by empowering technical cybersecurity experts
- Promoted IRS whistleblowers Gary Shapley and Joe Zeigler, signaling end to politicization
Deregulation
- Removed BOI reporting requirement under Corporate Transparency Act for domestic entities and individuals
- Launched BSA/CFT modernization efforts at FinCEN
- Issued order allowing banks greater flexibility in collecting Tax Identification Numbers
- Postponed Investment Advisor AML Rule effective date to January 2028
Workforce & Operations
- Onboarded more political appointees in first 100 days than Biden's entire first year
- Brought Treasury workforce back to office per President Trump's executive order
- Ended discriminatory DEI policies and closed DEI offices
- Executive Order to modernize payments—reducing paper checks from $450M to under $20M
03Making America Safe Again
Eradicating cartels, crushing fraud, and maximum pressure on Iran
Making America Safe Again
Eradicating cartels, crushing fraud, and maximum pressure on IranEradicating Drug Cartels
- Developed aJoint Strategy to Counter Illicit Finance with the Government of Mexico aimed at disrupting cartel financing tactically and strengthening cross-border illicit finance regimes to better tackle illicit finance at a strategic level
- Cut off three Mexican financial institutions and proposed cutting off10 additional gambling establishments from the U.S. financial system for laundering money related to fentanyl trafficking
- Issueddozens of sanctions against major drug cartels
- Took action to protect American senior citizens from cartel-run timeshare fraud
- Directly advanced law enforcement investigations by driving actionable intelligence reporting from financial institutions through targeted in-personinformation sharing exchanges along the Southwest border
- Provided financial institutions vital tools to increase the utility of their reporting for law enforcement through publications and red flags on cartel-related illicit finance threats, including on fentanyl, Chinese money laundering networks, oil smuggling, and bulk cash smuggling
- Brought first enforcement action against anarmored car company for violations of the Bank Secrecy Act, lack of necessary required controls led company to transport millions of dollars in currency from unknown sources in Mexico without proper investigation of potential red flags
Crushing Fraud
- Took action to protect American senior citizens fromcartel-run timeshare fraud
- Took most significant action ever againstSE Asia-based scam center networks, in close coordination with international partners and federal law enforcement, including OFAC sanctions against the Prince Group and FinCEN action against Huione Group
- Deployed enhanced investigative and enforcement resources to Minnesota to uncover fraud and possible diversion of funds in violation of U.S. national security interests
Modernizing the Bank Secrecy Act
- Eliminated invasive, burdensome reporting requirements that saddled small businesses with unnecessary red tape, saving the economy$84 billion
- Issued frequently asked questions to assist financial institutions with their compliance obligations related to suspicious activity reports while enabling institutions to focus resources on activities that produce the greatest value to law enforcement agencies to detect, combat, and deter criminal activity
- Provided greater flexibility for banks and other financial institutions to collect and verify their customers' identities
- Delayed illicit finance regulations on the investment adviser sector to ensure appropriate balance between costs and benefits, saving the public over$1.8 billion
- Rescinded duplicative requirements for civil enforcement
Maximum Pressure on Iran
- Sanctioned450+ entities and vessels in Iran's shadow fleet and oil networks
- Dismantled$3 billion Iranian shadow banking network laundering oil revenues
- Designated teapot refineries purchasing billions in Iranian crude
- Targeted IRGC ballistic missile network and nuclear program support entities
- Largest Iran sanctions package since 2018:110+ designations in single action
- Supported Trump Administration goals in uncovering Iran's global oil and "shadow banking" sanctions evasion networks through information-sharing public-private events and publications
Countering Terrorist Networks
- Disrupted Houthi financial networks—largest action to date
- Sanctioned a transnational criminal organization for attacks on Israeli Embassy in Stockholm
- Targeted Iran's proxy networks procuring weapons and sensitive goods
Syria
- Removed518 individuals and entities from SDN List to enable Syria's road to recovery
- Redesignated 139 persons including Assad associates, human rights abusers, and ISIS affiliates
- Enabled U.S. investment and supported Syria's reconnection to the international financial system, while maintaining accountability for the Assad regime
Russia
- Sanctioned Russia's two largest oil companies,Rosneft and Lukoil, in support of the President's peace strategy
04Making America Respected Again
International leadership and major policy initiatives
Making America Respected Again
International leadership and major policy initiativesMajor Policy Speeches
- April 23: Institute for International Finance—fixing the Bretton Woods Institutions
- October 9: Fed Community Bank Conference—elevating Main Street's role in the new economy
- November 12: Treasury Market Conference—strengthening the Treasury market
- March 6: Economic Club of New York—blueprint to reprivatize the economy
- April 9: American Bankers Association—putting everyday Americans first
- July 15: Pennsylvania Energy Summit—CapEx Boom and OBBB
- July 21: Federal Reserve Capital Conference—reorienting financial regulatory architecture
International Leadership
- Lead international efforts tosecure supply chains, address global imbalances, and ensure sound investment into the United States to benefit American workers and families
- Spearheadedtrade and economic negotiations with China that lead to subsequent trade arrangements that benefit the United States economy and provide certainty to American businesses and farmers
- Support administration efforts to negotiatetrade deals with significant trading partners like Japan, South Korea, European Union, United Kingdom, Malaysia, Vietnam, and others
- Steered the finance minister tracks forAPEC, G20, and G7
- Secured G7 agreement protecting U.S. companies fromOECD Global Tax Deal
- FacilitatedU.S. Steel merger with $11 billion in new investments
- Reasserted U.S. leadership at theWorld Bank and other international financial institutions, securing U.S.-driven reforms on procurement and overturning the nuclear financing prohibition
- Streamlined theG20 Finance Track, returning it to its core mandate
Talent & Leadership
- 15 nominees confirmed by the Senate
- Announced Frank Bisignano as IRS CEO and Joe Gebbia as Chief Design Officer
- Reopened historic Treasury Building front entrance at 1500 Pennsylvania Avenue