Transcripts and records of U.S. Senate hearings

Bernie Sanders Challenges Treasury Nominee on Oligarchy, Cites Musk, Bezos, Zuckerberg Wealth

Jan 16, 2025, 05:45 PM

During a Senate confirmation hearing, Senator Bernie Sanders questioned Scott Bessent, President Trump's nominee for Treasury Secretary, about the state of wealth inequality in the U.S. Sanders highlighted that Elon Musk, Jeff Bezos, and Mark Zuckerberg collectively have a net worth approaching $1 trillion, which he argued is more than the bottom half of American society. He asked Bessent if he believed the U.S. was moving towards an oligarchy, referencing President Biden's recent statement on the matter. Bessent responded by defending the billionaires, noting that they earned their wealth independently, and countered by mentioning that President Biden had awarded the Presidential Medal of Freedom to individuals he considered to be oligarchs, including George Soros.