Bessent Testifies on Treasury’s FY27 Budget Request

Treasury Secretary Scott Bessent appeared before the Senate Finance Committee and the House Ways and Means Committee last week to discuss President Trump's fiscal year 2027 budget request and the administration's priorities for the Treasury Department. The hearings took place as policymakers continue to debate affordability, inflation and broader economic challenges.

The White House is requesting $11.5 billion in budget authority for the Treasury Department's domestic programs in FY 2027, representing a 12 percent decrease from enacted FY 2026 funding levels.

During the House Ways and Means Committee hearing, Chairman Jason Smith (R-MO) highlighted the tax legislation enacted by Congress last year and argued that the administration's tax and trade policies are strengthening the U.S. economy and reducing reliance on China.

Smith also referenced the committee's ongoing investigations into foreign influence involving certain U.S.-based nonprofit organizations, underscoring continued congressional interest in nonprofit oversight.

"Tax-exempt status is a privilege - not a right," Smith said. "It is critical that the IRS take close look at tax-exempt organizations with documented histories of activity that destabilizes our society."

This article was provided to OSAP by ASAE's Power of Associations and Inroads.