Scott Bessent on Coin Production Costs, CDFI Fund, and Advancing Trump's 'America First' Agenda

Coin Production and Seniorage Losses

• 💡 The US Mint's fiscal year 24 report indicates that producing a single nickel costs 13.78 cents.
• ⚠️ Eliminating the penny could potentially double or triple demand for nickels, worsening coinage losses beyond $200 million annually.
• 🎯 Treasury is exploring changing the nickel's composition to reduce production costs to 5 cents or less.
• 💰 A Tennessee company has proposed a solution that could lower nickel costs and is being investigated by Treasury.

Community Development Financial Institutions (CDFI) Fund

• 🎯 President's budget requests propose significant cuts to the CDFI fund and ending core CDFI programs.
• 🚀 Treasury is creating a new $100 billion award program to provide access to affordable financing, primarily in rural America.
• 💬 The CDFI fund's role in supporting access to capital in underserved communities is being questioned, but Treasury is exploring new avenues for financing.

Confirming Regulatory Appointees and 'America First'

• 🔑 Confirming President Trump's regulatory appointees is crucial for advancing his 'America First' agenda.
• 📈 Appointees need to be confirmed as soon as possible to enable institutions to work better for the American people and ensure Main Street can prosper.
• 🤝 This is important for community banks, small banks, and small regional banks to ensure Main Street participates with the rest of the country.

International Monetary Fund (IMF) and Transparency

• ❓ Treasury is questioning the IMF's limited success in pushing China on transparency and debt restructuring.
• 🇺🇸 Current IMF leadership is seen as open to the Trump agenda and advancing issues that affect the United States and working Americans.
• 💬 Treasury will continue to push the IMF on these critical issues.