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Treasury Secretary Bessent Holds White House Press Briefing; Bessent: We Perhaps Have the Makings of a Deal on Iran; Trump Administration Preparing $250 Bill Featuring the President. Aired 2:30-3p ET

Aired May 28, 2026 - 14:30   ET

THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.

[14:30:00]

SCOTT BESSENT, TREASURY SECRETARY: No, I think it just means they've run out of things on the food chain.

UNIDENTIFIED MALE: There has been some back and forth over the last several days and also with the U.S. attacking Iranian drones yesterday. This morning, CENTCOM put out a statement that Iran had launched its ballistic missile towards Kuwait, calling it an egregious ceasefire violation. How can the administration still argue that a ceasefire is in effect?

BESSENT: Again, with the Iranian government, we did not have regime change, but we changed the regime. As President Trump said at the cabinet meeting, as we've said other times, the first layer of leadership was eliminated, the second layer, and we're now at the third layer. And the way to think about it is the Iranian government, such as it is, is three pillars.

It is the elected government, it is the IRGC, and it is the clerics, and they are having trouble communicating. So we are being patient. We do not have unlimited patience.

President Trump always prefers a peace deal. So everything we have done thus far has been defensive. And at present, that is what we will continue doing.

But if President Trump doesn't think he can get a peace deal, then kinetic is back.

UNIDENTIFIED MALE: Thank you, Mr. Secretary. Are you hopeful that the oil prices will go down once this conflict is over, given the fact that the Strait of Hormuz remains closed? And by the time this oil gets to the major markets, it will be two or three months.

BESSENT: Again, we see that the market, I believe, is very well supplied right now. The market seems to be going into balance for itself. So I think that as the Strait opens up, we're going to see this burst of ships come out.

So we may actually see how quickly can it be refined, how quickly can it get to its destination. ELINA SHIRAZI, DAILY MAIL: Thank you so much. Elina Shirazi from the Daily Mail. You wrote resilience on your Cabinet note, meaning several times a photographer zoomed into it.

Are you trying to keep the president calm? Are you trying to keep yourself calm? Why did you write all those notes?

BESSENT: So people could look over my shoulder, photograph him, and think they got a scoop.

UNIDENTIFIED MALE: Mr. Secretary, is the United States considering a reconstruction program for Iran if a deal is signed?

BESSENT: Again, I think we've got to get to the deal before we get to the other side. You in the pink. No, in the pink.

CRISTINA LONDONO, TELEMUNDO NETWORK: Thank you. Cristina Londono with Telemundo Network. Mr. Secretary, how effective do you believe the current Treasury restrictions have been in pressuring the Cuban government?

And also, if you're in the room when those talks are being held, are there any plans to either tighten the sanctions or to ease the sanctions against the Cuban government to get some type of change?

BESSENT: Again, that's going to be up to the Cuban government, that they can go up, they can go down. We've tried to get humanitarian aid in, and the regime rejected it because they wanted to go through their corrupt system. So they could go up, they could go down.

It's carrot and sticks, Secretary Rubio, doing a fantastic job of managing this process. And we at Treasury are working with him.

In the red.

REGAN REESE, THE DAILY CALLER: Thank you. Regan Reese with The Daily Caller. I want to ask you about Antifa. In October, the Treasury Department started working with the FBI to investigate who's funding Antifa.

Can you give us an update on that investigation? How close are you guys to finding out who's funding Antifa?

BESSENT: It is ongoing. We've made substantial progress, and I think in the weeks and months ahead, we're going to have a lot to report. One thing that did go underreported that I would point out to all of you is the IRS is now giving guidance on the Form 990, which non- profits have to file.

And we are going to encourage or demand that non-profits know their grant recipients. So, if a grant recipient is violent, if they are suppressing people's rights, then you are responsible for that. And I think that's a very good first step. Yep, yep.

UNIDENTIFIED FEMALE: There's new government data that shows that Americans are now saving a smaller share of their incomes than at any time over the past four years. Are you seeing signs that American households are dipping into their savings to pay for the higher costs of things like gas and groceries? And does data like that concern you right now?

BESSENT: So, academic literature would tell you a lower savings rate can mean one of two things.

[14:35:00]

Kind of the dimmer view that you took, or that people have more confidence, or it could be something else. Because, for instance, stock market gains or 401k gains might not show up in savings. So, they're looking at that, think that they can draw down their household savings.

UNIDENTIFIED FEMALE: You're obviously concerned about the risks posed by advanced AI models, like Mythos, to critical infrastructure. The financial sector is concerned as well. What types of changes are being considered to the AI executive order so it can pass?

And do you believe that an AI executive order needs to include the pre-public access for government?

BESSENT: Again, we're working very closely with the large language labs. They've been excellent partners, and we are going to get a solution that solves for the maximum calculus. What we want to do, the U.S. is the AI leader in the world. We're an AI superpower. China is second. They are trailing substantially.

We want to make sure that we keep that lead. So, we are working on the exact calculus between innovation and safety, and we want to optimize for that.

Sir, you in the glasses. No, in the glasses. No, you don't have glasses on. You in the glasses.

UNIDENTIFIED MALE: Thank you for taking my question. There was a report this morning that Justice Alito's son is working in your department. Can you confirm that that's the case? And if so, do you believe that that means that he should be -- that the justice should recuse himself from cases that involve your department?

BESSENT: I am sure that Mr. Alito follows all legal and ethical guidelines, and I can assure you that at Treasury, we follow all the legal and ethical guidelines.

Kaitlan. KAITLAN COLLINS, CNN ANCHOR AND CHIEF WHITE HOUSE CORRESPONDENT: Thank you, Mr. Secretary. I have two questions for you, but just to follow what you said about the 250 --

BESSENT: Well, you didn't call me doctor, so I only get one.

COLLINS: Well, I'll shoot for two. You said that it's up to Congress if the President's face is on a $250 bill, but it is actually the Washington Post that's reporting two political appointees from the Treasury Department who have asked agencies to be ready to do that. Do you think politically it's a good idea to put his face on a $250 bill when people are struggling to afford gas in Washington?

BESSENT: Again, you know, I don't really understand this Washington Post article, but who hears from the Post? Yep. Terribly written, terribly edited.

Because basically what it says is that Treasury is following the law and that we've created the bill and that it's up to Congress, but that we follow the bill and it's up to -- I didn't really understand what the story was.

COLLINS: So, Mr. Secretary, the appointees aren't involved in that, two of your political appointees?

BESSENT: Yes, of course, but we prepare for everything if it gets passed. Just like we were ready six months in advance for the one Big Beautiful Bill for tax guidance. So, we have to prepare in advance.

You can't draw something up the day before.

COLLINS: Politically, do you think it's a good idea, though, when people are struggling to afford gas and groceries?

BESSENT: Look, I think it has -- I think that it's bifurcated. Do you think we should have a 250th anniversary celebration?

COLLINS: Well, that's happening anyway, but putting the President's face on a $250 bill --

BESSENT: No, no, no, but Kaitlan, it's not happening anyway. It's happening because it's being funded by private citizens, by the federal government, by state governments, by municipal governments to celebrate our country. And I don't think that there's anything untoward about having the President of the United States, the person who was President of the United States, on the 250th anniversary bill.

Yes, no problem.

COLLINS: On Russia sanctions, what you just commented on there, Mr. Secretary, about the $1.8 billion fund, is it accurate that the General Counsel of the Treasury Department resigned over that?

BESSENT: I will not be taking any other questions, ma'am. I will not be taking any other questions.

UNIDENTIFIED FEMALE: Given the scale of the assault from Russia on Kyiv in recent days, and the fact that diplomacy seems to have settled down, there is no diplomatic talks happening right now between Russia, Ukraine, or the U.S., what about sanctions? Is the U.S. considering sanctions on Russia at this time? BESSENT: Well, the U.S., this administration has put the hardest sanctions on Russia of any country. So let's review how the sanctions regime has gone since the Russian action on Ukraine. The Biden administration put on what I would call mild sanctions because they were worried about gasoline prices going up into an election.

[14:40:00]

It would be an unstatesmanlike sanctions. Probably the worst national security advisor in the history of the country, Jake Sullivan, in an act of bravery, on his way out the door in January, raised the sanction level on behalf of the Trump administration. We let those in situ when we took office. They have fast forward to October, and President Trump instructed me to sanction the two largest Russian oil companies, Lukoil and Rosneft, which we did. No other government has done that.

So no one has done more sanctions than the Trump administration on Russian oil.

No, no, here. Who wants to own this? Gray hair.

No, gray hair. No, you don't have gray hair. Maybe you do.

UNIDENTIFIED MALE: When you had breakfast this morning with the Fed chair, did you request that the Fed lower interest rates?

BESSENT: I had breakfast with Chair Powell 41 times, and I never did that.

OK, the last question.

UNIDENTIFIED MALE: Governor Gavin Newsom has floated this idea of a 100 percent state tax on Californians who receive money from President Trump's anti-weaponization fund. Your response to the governor's call such a tax?

BESSENT: There's no cure for stupid. OK. OK. OK, thank you all.

BORIS SANCHEZ, CNN HOST: We perhaps have the makings of a deal here. That's as far as the Treasury Secretary would go in describing what CNN has learned is a tentative deal between the White House and Tehran to end the war in Iran or at least give it a 60-day moratorium so that specific details on the future of enriched uranium in Iran and other things would come into play. Obviously, it is now awaiting the president's signature, is our reporting, but Scott Bessent would not tip his hand in any direction or offer details to reporters.

He did say that he had a call with the Omani ambassador this morning. This is, of course, after yesterday President Trump said that if Oman tried to collaborate with Iran in somehow controlling the Strait of Hormuz that they could face the wrath of the United States military, in effect. He said that the Omani ambassador said they have no plans to charge a toll through the Strait of Hormuz.

They do not want to risk sanctions by the U.S. or strikes, as President Trump threatened.

BRIANNA KEILAR, CNN HOST: Yes, and he all but said that there was this tentative agreement, but really wanting to not get in front of the president. He said the president has been clear. He said that there are three things he wants, opening the Strait.

He wants the highly enriched uranium out. He wants Iran to not have a nuke. And it was finally after a lot of questions and follow-up questions from reporters where we heard Jeff Mason ask, are those things part of the temporary deal right now?

And he said, if there can be no deal without those, why would there be a deal without those? So that appears to be what is on the table here. Retired Major General Randy Manner.

Also, we should mention, as he came out here, the Trump accounts are live. The app for that is live today. General, thanks for being with us.

How are you seeing this? Because there is a lot of murkiness, although I do think we maybe got a little bit more clarity about where they are on this temporary or I should say tentative deal. It's just very unclear, though, whether this actually does deal substantively with these issues that are being outlined.

MAJOR GENERAL RANDY MANNER, U.S. ARMY (RET.): I certainly hope that there is some deal that would be struck so we can return to some sense of normalcy, not only from the point of view of our national security, but, of course, obviously just for the average American and member of the world community of not paying such high prices for gasoline and other fuels. So I am very hopeful. At the same time, I share your concern that this is very ambiguous and it's not clear.

I also have to tell you that I'm very concerned that Iran is actually in a much stronger position than before the war ever started because they now realize they can close the strait with a few million dollars worth of drones almost any time they choose to. So this is actually -- there's more problems created as a result of this war over the past three months than it really was trying to solve.

SANCHEZ: So then I wonder if the U.S. enters into these negotiations over the future of Iran's nuclear program, in your eyes, in a less leveraged position than they were previously, in other words, they can exert less influence over Tehran to exert concessions, to get concessions, then how do you imagine this negotiation goes?

[14:45:00]

How do you imagine this could be an improvement over the JCPOA that President Trump just yesterday called horrible, one of the worst deals ever made?

MANNER: The previous deal obviously had its issues and it needed to be improved. At the same time, it was something to build upon versus the idea to completely throw it out. I think that to imply in any way that after a few negotiating sessions, as well as almost nonstop aggression by both the United States and the Iranians, that we're going to be any closer to a true agreement. The one important thing is that no nukes, no nukes.

And no matter what side you are in the political equation, that is a common theme for the United States and quite frankly, the world. Beyond that, the question is going to be at what price will America pay to be able to get the enriched uranium out? Because remember, they have tons of additional material that could be obviously further enhanced.

So yes, they might give it up at some cost of lifting of sanctions. But again, at what cost is this for the security of the United States and for our allies?

KEILAR: So as Trump is not signing on to whatever this tentative agreement is at this point in time, even as he seems inclined to. And we heard Bessent saying, you know, kind of championing what the administration has brokered here or worked on. What are the reasons, as you see them, that Trump would not sign on to whatever this amorphous agreement is at this point?

What are those reasons as you see them?

MANNER: Well, I'm smiling because it's somewhat speculation at this point, because we really don't know what the terms of the potential agreement are. I'm just trying to say that I believe Iran is in a much stronger position in terms of economic power than before. We have spent many, many billions of dollars that will take us about three years to recover in terms of regenerating our stock of our weapons.

And for what? And I think this is not a very good equation from whether it's math or heaven forbid we talk about the American lives and wounded that have been part of this war. So I think it's somewhat speculative to say what he accepted or not, because I don't even know what the terms are at this point.

SANCHEZ: Fair point. Retired Major General Randy Manner, thanks so much for sharing your expertise and perspective.

MANNER: Thank you.

SANCHEZ: So another thing that the Treasury secretary was asked about during the press briefing was attempts by the Trump administration reportedly to put President Trump's face on a $250 bill to commemorate the anniversary of the country's founding this year. We're going to discuss more of what he said and where the reporting is right now as soon as we come back from a quick break. Stay with CNN.

[14:50:00]

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KEILAR: As you just heard in the White House briefing moments ago, Treasury Secretary Scott Bessent is confirming that the Bureau of Engraving and Printing is planning to print a $250 bill. They have it ready, he essentially said, but they're waiting on Congress. And this is a bill that features President Trump's face for America's 250th birthday.

SANCHEZ: The design was first reported on by The Washington Post, and it resembles this one that Republican Congressman Andy Barr of Kentucky posted online in January. Notably, it would still take an act of Congress to approve the bill, something that Bessent acknowledged.

(BEGIN VIDEO CLIP)

BESSENT: As Treasury Secretary, I have two mandates for U.S. currency. At present, no living person can be on U.S. currency, and the currency must say in God We Trust. So right now there is proposed legislation in front of the House, in front of the Senate, to change the first requirement so that a living person, Donald J. Trump, could be on a $250 bill.

At Treasury, we prepare things in advance, so we have prepared in advance that if the legislation is passed, but we will stick to the law.

SANCHEZ: CNN's Kevin Liptak joins us now live from the White House. Kevin, obviously a difficult time financially for many Americans, but Bessent was asked about those optics and said, quote, I don't think that there's anything untoward about having the person who's president of the United States on the 250th anniversary bill. They don't seem concerned.

KEVIN LIPTAK, CNN SENIOR WHITE HOUSE REPORTER: Not remotely. And in fact, Scott Bessent sort of defended the idea that President Trump could potentially become the first living person to appear on any American currency in more than a century. You know, it's been since 1866 since someone who is actually alive made it on to an American dollar bill.

And I think when you listen to him, he's essentially trying to make this out as if Treasury is essentially covering all of its bases just in case this bill, which has been sponsored by the South Carolina Congressman Joe Wilson, is passed.

[14:55:00]

This bill has been stalled for quite a while, more than a year. It hasn't even been passed out of committee. Even if it goes through the House, it would require a 60 vote threshold in the Senate. So it doesn't appear as if it's on the verge of passage at the moment.

I'm trying to make the point that his department has essentially tasked the Bureau of Engraving and Printing to be ready with prototypes for this bill just in case the legislation makes it through.

You know, this would be an historic anomaly. You go all the way back to George Washington, who actively dissuaded the founders from putting his own face on the currency. He wanted more symbolic symbols like the liberty.

So, you know, this would be a huge break with precedent and with history. But Scott Bessent, I think, trying to make the point here that because Donald Trump is president during the 250th anniversary of the nation, that he deserves to be on a new $250 bill.

KEILAR: Kevin, a lot of the president's critics have this belief that he's got a lot of vanity projects going on with his face and his name on a lot of buildings. You know, even some Republicans will privately concede that they believe that to be the case. The idea of this one, though, requiring a vote in a tough election year.

How is the White House seeing that? That's a really tall ask for the Senate in particular.

LIPTAK: Yes, absolutely. At a moment when the president's sort of divisions with Senate Republicans in particular seem to be growing larger and larger, namely over these vanity projects, whether it's the ballroom funding that he's asking a billion dollars for security for that part of the building, or for this $1.8 billion quote unquote slush fund for individuals who claim they've been weaponized by the Justice Department. The president would be asking quite a bit from Republicans to tie themselves to those measures, but also to this $250 bill. It is a tall order, given the sense, I think, among some Republicans that the president's priorities don't necessarily match the priorities of the American public.

KEILAR: Kevin Liptak, thank you so much. A new hour of CNN NEWS CENTRAL starts after a quick break.

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