Trump's Billionaire Treasury Nominee Says Federal Minimum Wage Should Remain at $7.25 Per Hour

During his Senate confirmation hearing, President-elect Donald Trump's nominee for Treasury Secretary—billionaire hedge fund manager Scott Bessent—clearly stated his opposition to raising the federal minimum wage.

Senator Bernie Sanders (I-VT) questioned Bessent on the issue, highlighting that over 22 million American workers earn less than $15 an hour, with nearly 40 million earning under $17. Sanders criticized the stagnant federal minimum wage of $7.25 an hour—which has not increased since 2009—and asked if Bessent would support efforts to raise it to a living wage.

"Senator, I believe the minimum wage is more of a statewide and regional issue," Bessent responded, signaling his opposition to federal action on wage increases.

"So you don't think we should change the federal minimum wage of $7.25 an hour?" Sanders clarified.

Bessent's simple reply of, "No sir," as he laced his fingers together ended the exchange.

The Treasury Secretary pick's stance aligns with a broader Republican view favoring state-level control over wage laws but has sparked criticism from Democrats and labor advocates pushing for a higher federal minimum wage to combat poverty and income inequality.