President Donald Trump's Secretary of the Treasury, Scott Bessent, was so triggered by the traditional financial media that he's shutting some of them out and opting for friendlier conservative media, like a promoter of the Pizzagate conspiracy theory instead.
Semafor wrote on Monday that Bloomberg News reported that Bessent appears to have two homes he called his "principal residences." Bessent has denied the allegations. The allegation was politically awkward because the administration had cited a similar alleged “principal residence” issue in its effort to remove Federal Reserve Governor Lisa Cook.
Bloomberg ran with the story, despite Bessent's threats to box them out of the Treasury.
"The secretary stopped appearing on Bloomberg Television. Some of its reporters privately complain that they no longer receive certain press releases with key financial information. Bloomberg and Wall Street Journal journalists were also denied credentials to join Bessent at a G20 meeting of financial leaders in Asheville, North Carolina, earlier this month; a Times reporter was also denied credentials, though another was included among some 300 reporters credentialed," Semafor reported.
Meanwhile, when Bessent went to Ukraine in February 2025 he brought Jack Posobiec, a Pizzagate figure, instead.
Semafor called the press relationship with Bessent "tense." It's coming at a time that "high interest rates remain front-page news — and so-called bond vigilantes test Treasury’s credibility — critical headlines in financial and business publications have frustrated a secretary who didn’t spend his career seeking the public eye, and doesn’t seem to think all those who cover him are up to the job."
Now Bessent is lashing out against the Financial Times after one of its reports and blasted the Wall Street Journal's "well-regarded chief economic correspondent." He has "iced out journalists" and complained to others about what he perceives as unfair coverage.
Something similar happened under the Department of Defense, when Secretary Pete Hegseth gave frequent briefings about the Iran war at its outset. Hegseth stopped giving them after some difficult questions about military casualties, operational decisions and internal Pentagon drama. The Pentagon also blocked several photographers after unflattering shots of him were taken. The last formal Pentagon briefing was on May 5.
The Treasury Department claimed in a comment to Semafor that the press hasn't been shut out, the issue is really "plane retrofitting and assignment logistics."
Meanwhile, Bessent appears to be speaking predominantly to streaming sites like "Right Side Broadcasting," Steve Bannon, and Fox News rather than to the big financial news sites or channels.
Semafor editor Max Tani, "hostile relationship between the news media and the Treasury secretary could pose a real risk if the US finds itself in an economic crisis. I’m not so sure: In significant news moments, journalists and newsmakers frequently set aside grievances to get information out there. But Bessent’s frustration with the media seems to mirror his frustration with the markets and Bloomberg-addicted traders: Neither, it seems, will do as he instructs."
