Bessent: Gulf, Asian Nations Seek FX Swaps

Treasury Secretary Scott Bessent told a Senate panel that multiple Gulf allies and Asian nations have requested foreign‑exchange swap lines.
He defended IRS budget cuts, noting enforcement recoveries rose despite reduced funding, and said average U.S. tax refunds increased 11‑13%.
Bessent predicted gas prices could fall below pre‑Iran‑conflict levels and warned oil might have hit $150/barrel without sanctions.
He dismissed claims Iran received $14 bn from sanctions relief and said the Treasury no longer trusts Booz Allen Hamilton after contract cancellations.