Treasury Secretary Scott Bessent testified before the House Financial Services Committee on September 15, 2026. He emphasized the continued global dominance of the US dollar, attributing it to deliberate policy decisions rather than market fluctuations. The Secretary highlighted economic performance metrics, including the creation of over one million private sector jobs and the filing of more than 64 million tax returns linked to recent tax cuts.
During the hearing, the yield on the 10-year Treasury note briefly surpassed 5%. This figure represents an increase in borrowing costs for the US government compared to the post-2008 period, when yields typically remained below 3%. Bessent did not present new policy measures to address this rise in yields, characterizing the session as a standard oversight meeting.
The committee also discussed the integration of artificial intelligence in financial services, specifically regarding algorithmic trading, fraud detection, and systemic risk. Cybersecurity was another key topic, with officials noting the ongoing threats to financial infrastructure, citing the 2023 ransomware attack on the US arm of ICBC as a significant example of vulnerability.
Despite the focus on financial policy, the hearing did not produce new regulatory frameworks or guidance for digital assets. Analysts noted that the current macroeconomic environment, characterized by a strong dollar and rising yields, may impact non-yielding assets like Bitcoin, while broader economic expansion trends continue to influence market sentiment.
