Scott Bessent on nonprofit regulation
From Schweikert & Davis Grill Bessent | IRS Refund Chaos | Treasury Pressed Hard · · The Financial Express
“The IRS has issued guidance for form 990 that nonprofits, just as banks must KYC, know your customer, we are telling the directors of these foundations, of these institutions, you must know your grantee. So, KYG. If your grantee, if the money is being used for violent activities, you as a trustee, as a fiduciary, are in trouble. If it is being used to take away people's civil rights, you are in trouble and the nonprofit status is in jeopardy.”
On , Scott Bessent, Treasury Secretary at US Treasury, spoke about nonprofit regulation during Schweikert & Davis Grill Bessent | IRS Refund Chaos | Treasury Pressed Hard on The Financial Express.
About Scott Bessent
Treasury Secretary Scott Bessent has appeared before the House Ways and Means Committee multiple times in recent months to discuss the administration's tax policies, economic conditions, and the federal budget. During a June 4, 2026 hearing, Bessent defended the "no tax on overtime" provision, stating that "if you want to work harder, you get to keep more of your take-home pay." He cited Treasury data indicating that 96% of filers claiming the overtime deduction earn under $200,000 annually. Bessent also addressed questions about President Trump's private investments, stating that they are "maintained exclusively in fully discretionary accounts managed by independent third-party institutions" with no advance notice of trades. When questioned by Rep. Steven Horsford about refunds for tariffs the Supreme Court ruled illegal, Bessent said the money "was in the US Treasury and it didn't take away" and referred the issue to Customs and Border Patrol. In earlier hearings, Bessent faced scrutiny on multiple fronts. During a Senate Finance Committee hearing, Sen. Bill Cassidy pressed him on Social Security insolvency, with Bessent responding that "we have to get our short-term house in order first" and that "the more Americans who work, the more the higher paying jobs they have, the more goes into social security trust fund." He also clashed with Rep. Suzan DelBene over a Government Accountability Office report on DOGE's handling of payment information, repeatedly asking "Why are you bringing up USAID with me?" Bessent has described the economy as "strong" and stated that "the biggest threat to financial stability is a lack of growth," expressing optimism about exceeding 3% GDP growth due to deregulation and tax policy. He has also defended the administration's sanctions approach on Russia, saying the Biden administration's sanctions were "weak" and that current waivers have kept global energy prices lower.