Bessent mocks Sen Warren, wishes her 'Happy Indigenous Peoples' Day' in response to letter

FOX Business has obtained a letter from Treasury Secretary Scott Bessent in response to Senator Elizabeth Warren's recent correspondence regarding the increase in the 10-year treasury yield. In a pointed conclusion to his letter, Bessent wished Warren and her family a "Happy Indigenous People's Day" in a clear jab at her previous assertions about her Native American heritage.

Over the past 21 months, Warren has sent more than 100 letters to the Treasury Department seeking information on various issues. In his letter dated Saturday, Bessent not only responded to Warren's inquiries but also criticized her understanding of financial markets. He suggested that rather than continuing her "letter-writing crusade," she should consider taking an introductory economics course.

Warren's letter, dated October 7, requested clarification on actions taken by the Trump Administration to reduce borrowing costs for average Americans. She set a deadline for Bessent to respond by October 21.

In her correspondence, Warren accused the Treasury Secretary of causing rising costs, stating, "The surge in Treasury yields is self-inflicted and follows the Fed's decision to raise the federal funds rate by a quarter of a percentage point, driven by concerns about inflation." In his reply, Bessent contested this view, expressing skepticism about Warren's sincerity. He pointed out that as the federal funds rate rose from near zero to its highest level in 22 years amid a 40-year high in inflation, Warren had supported the Biden Administration's spending policies, which he described as reckless.

Bessent further asserted that Warren had previously blamed the Federal Reserve for economic repercussions rather than acknowledging her own "irresponsible fiscal policies." He noted, "While you voted for a $5 trillion tax hike on everyday Americans, the Working Families Tax Cuts continue to deliver for families and workers across the country."

In her letter, Warren claimed that the tax cuts included in the One Big Beautiful Bill would add $4.7 trillion to the national debt over a decade, benefiting only the "ultra-wealthy and large corporations" while reducing healthcare and food assistance for families. She also mentioned the significant financial burden of the Iran war, which she said has cost taxpayers approximately $43.6 billion so far, according to Pentagon estimates.

Bessent concluded his letter with a tongue-in-cheek offer for a "Foreign Exchange for Dummies tutorial," humorously stating that if Warren achieved a passing grade according to Yale's standards—not Harvard's—he would be willing to include a "Fixed Income for Dummies" guide as well. This exchange is notable given that Warren is a former Harvard Law professor and Bessent has taught economic history at Yale.

Warren faced backlash from tribal leaders in 2018 when she underwent a DNA test to substantiate her claims of Indigenous heritage, a move that followed President Trump’s derogatory references to her as "Pocahontas." Her previous identification as an "American Indian" or minority on professional documents before her Senate career had drawn scrutiny. Warren has stated that her belief in her ancestry was based on family narratives, but later expressed regret to several tribes for taking the DNA test, which they argued is not an appropriate method for determining Native American identity.