{"id":2137,"date":"2026-06-24T17:13:09","date_gmt":"2026-06-24T17:13:09","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=2137"},"modified":"2026-06-24T17:13:09","modified_gmt":"2026-06-24T17:13:09","slug":"scott-bessent-calls-mamdani-leader-of-the-democratic-party-touts-weekly-warsh-breakfasts-and-a-new-push-to-put-every-american-in-the-stock-market","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=2137","title":{"rendered":"Scott Bessent calls Mamdani \u2018leader of the Democratic Party,\u2019 touts weekly Warsh breakfasts and a new push to put every American in the stock market"},"content":{"rendered":"
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Less than 24 hours after Mayor Zohran Mamdani\u2019s progressive allies swept three competitive House Democratic primaries in New York City, ousting two incumbent congressmen, Bessent said what he claimed President Trump had predicted months ago: \u201cLast night we saw, Mayor Mamdani is the leader of the Democratic Party and the establishment Democrats, finally, we are seeing where the Democrats are going in this election.\u201d <\/p>\n

Read more NYC Mayor Zohran Mamdani 3 for 3 on his \u2018better Democrats\u2019 endorsements: \u2018Put working people back at the heart of politics\u2019<\/a><\/p>\n

Bessent added that he was present in the Oval Office when Trump told Mamdani directly that he would become the leader of the Democratic Party\u2014and that Tuesday\u2019s results confirmed what the White House had long anticipated. \u201cIt will be a very stark choice between Republican parties and\u2014it\u2019s not the fringe Democratic left anymore. It\u2019s the mainstream of the Democratic Party,\u201d Bessent said.<\/p>\n

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Mamdani, who won the New York City mayoralty in November 2025 with nearly 51% of the vote, has emerged as a galvanizing figure on the Democratic left. Tuesday\u2019s results were striking in scope: Mamdani-backed Brad Lander ousted two-term Rep. Dan Goldman in NY-10, while challenger Darializa Avila Chevalier defeated five-term Rep. Adriano Espaillat\u2014the chair of the Congressional Hispanic Caucus\u2014in what Reuters called Mamdani\u2019s bid to \u201cremake the Democratic Party into a democratic socialist entity.\u201d<\/p>\n

Bessent suggested the movement was already spreading beyond the five boroughs, pointing to Maine and Michigan as states where he believed Democratic socialist politics were gaining traction. \u201cMore power to them,\u201d he added, \u201cbecause we are going to offer a stark contrast.\u201d<\/p>\n

Bessent described that contrast: \u201cDo you want to keep more of your money? Do you want to have \u2026 the state take over?\u201d He cited \u201cthe regimes collapsing\u201d in Venezuela and Cuba as examples where that hasn\u2019t worked, not directly mentioning the Trump administration\u2019s sanctions against each or the military strike that led to the arrest of former Venezuelan President Nicolas Maduro. \u201cI\u2019m an economic historian,\u201d Bessent added, before pivoting into a conversation about the history of tariffs and income taxes, asserting that Alexander Hamilton \u201cwas the earliest tariff man.\u201d<\/p>\n

On monetary policy, Bessent offered a candid look at his relationship with the Fed\u2019s new chairman who, like himself, was a protege of the legendary investor Stanley Druckenmiller. <\/p>\n

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He confirmed that he meets with Kevin Warsh\u2014who was sworn in as the 17th Federal Reserve chair on May 22\u2014for breakfast every week, a ritual he maintained through roughly 40 sessions with former Chair Jerome Powell. \u201cIt is important for the U.S. Treasury and the Federal Reserve to discuss ideas, to discuss policy changes, where do we see the economy going, where do we see regulation going, and what do we think are the challenges?\u201d Bessent said.<\/p>\n

He declined to comment on when rate cuts might come, even as Bank of America Research analysts now forecast the Fed will raise rates three times before year\u2019s end. But Bessent applauded Warsh\u2019s decision to scrap the Fed\u2019s \u201cdot plot\u201d forward guidance projections, calling them a tool he\u2019d actually traded against during his investment career. \u201cThe Dots are always wrong,\u201d he said. \u201cIt\u2019s groupthink.\u201d <\/p>\n

Read more Iran keeps contradicting Trump on whether it agreed to nuclear inspections, but he says there\u2019s no rush anyway<\/a><\/p>\n

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Warsh has moved aggressively since his confirmation, launching five internal task forces to review nearly every aspect of Fed policy\u2014from communication strategy to its $6.7 trillion balance sheet. The scope has no precedent among recent Fed chairs. Bessent expressed full confidence that Warsh \u201cwill take the best path to satisfy both the inflation mandate and the growth mandate.\u201d<\/p>\n

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For Bessent, monetary policy and equity ownership are part of the same argument.<\/p>\n

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Perhaps the most forward-looking portion of the interview centered on Trump Accounts\u2014tax-deferred, index-fund investment accounts for American children authorized under the One Big Beautiful Bill Act of 2025. Bessent framed them as a direct response to a jarring statistic: 38% of American households currently have no stake in the equity markets. \u201cMaybe they have jobs at the companies, but they don\u2019t participate in the stock appreciation,\u201d he said.<\/p>\n

Children born between January 1, 2025 and December 31, 2028 are eligible for a $1,000 seed investment from the Treasury Department, with accounts opening for additional deposits on July 4\u2014the nation\u2019s 250th anniversary. Families, friends and employers can contribute up to $5,000 per year per child. Bessent pointed to a high-profile philanthropic commitment: Michael and Susan Dell are putting $6.25 billion into Trump Accounts, which will distribute $250 to children in the bottom 80% of zip codes by income.<\/p>\n

Not everyone is convinced the accounts will reach those who need them most. The Urban Institute warned earlier this year that without clear targeting guidelines, Trump Accounts would mostly benefit already wealthy families. CNBC reported this month that roughly 6 million children have already been enrolled ahead of the July 4 launch\u2014but the Dell family\u2019s $6.25 billion commitment, which directs top-ups specifically to lower-income zip codes, is the most concrete effort so far to ensure the program reaches beyond the affluent.<\/p>\n

Bessent sees the accounts as more than a savings vehicle. \u201cI think this is going to be a game changer,\u201d he said, tying the equity-access push directly to the political moment. \u201cWhat we saw yesterday in New York is a disillusionment with the system. We bring more people into the system.\u201d<\/p>\n

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For this story,\u00a0<\/em>Fortune\u00a0journalists used generative AI as a research tool. An editor verified the accuracy of the information before publishing.<\/em><\/p>\n

Read more Trump cancels signing a housing bill and blindsides his own party in a social media post<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

“Do you want to keep more of your money?” The Treasury Secretary asked on CNBC. “it’s not the fringe Democratic left anymore.”<\/p>\n","protected":false},"author":1,"featured_media":2136,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[341],"tags":[],"class_list":["post-2137","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-scott-bessent"],"yoast_head":"\nScott Bessent calls Mamdani \u2018leader of the Democratic Party,\u2019 touts weekly Warsh breakfasts and a new push to put every American in the stock market - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=2137\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scott Bessent calls Mamdani \u2018leader of the Democratic Party,\u2019 touts weekly Warsh breakfasts and a new push to put every American in the stock market - Cross Country Moving Team\" \/>\n<meta property=\"og:description\" content=\""Do you want to keep more of your money?" 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