Sen. Elizabeth Warren, D-Mass., isn’t backing down from sparring with Treasury Secretary Scott Bessent over the Trump administration’s decision to provide Argentina a $20 billion currency swap with Argentina’s central bank.
Warren, along with Sen. Amy Klobuchar, D-Minn., led a coalition of lawmakers in sending a letter to Bessent Monday accusing the secretary of prioritizing foreign governments over U.S. farmers as President Donald Trump considers offering farmers financial relief and China scales back soybean purchases amid ongoing tariff negotiations.
“At the same time the Administration is weighing financial assistance for farmers impacted by the Administration’s self-inflicted trade war, it is unacceptable to continue taking actions that continue to undermine restoring long-term market access for our farmers,” the lawmakers wrote.
“With relatively large harvests and some remaining stocks from 2024, the harvest in many areas is expected to fill the grain bins quickly, with farmers having the added expense of temporary storage in grain bags or even piles on the ground, risking damage to the crop and further price discounts,” the lawmakers wrote.
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Bessent announced Oct. 9 that the Treasury Department would participate in the currency swap agreement with Argentina’s central bank, in an attempt to stabilize the Argentine peso by exchanging it for U.S. dollars.
Bessent said in a social media post that the U.S. was “prepared, immediately, to take whatever exceptional measures are warranted to provide stability to markets,” and has since stated that the U.S. might issue Argentina an additional $20 billion in financing through using sovereign funds and those from private banks.
Meanwhile, Trump has indicated he may provide farmers with some kind of financial relief, and suggested earlier in October that he may redirect funds the U.S. is accruing from tariffs imposed on imports into the U.S. to farmers.
When Trump employed tariffs during his first administration, the federal government provided billions of dollars in government aid to farmers after China issued their own retaliatory tariffs.
“Instead of prioritizing U.S. farmers and rural communities, the Administration has doubled down on aiding Argentina when family farmers are running out of time and cannot continue to endure short-sighted international actions instead of long-term trade stability,” the lawmakers wrote.
Warren, the top Democrat on the Senate Banking, Housing and Urban Affairs Committee, introduced the No Argentina Bailout Act in October. The measure would prohibit the Trump administration from using the Treasury Department’s exchange stabilization fund (ESF), which provides financing to foreign governments and where the $20B is coming from, to help Argentina.
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Outside of passing this legislation, there is little Democrats could do to stop the Treasury Department from moving forward with its plans to assist Argentina because the agency is granted broad discretion on how to employ the exchange stabilization fund.
Other Democrats who signed the letter include Senate Minority Leader Chuck Schumer of New York, as well as Sens. Adam Schiff of California, Dick Durbin of Illinois and Chris Van Hollen of Maryland.
The Treasury Department did not respond to a request for comment from Fox News Digital.
However, this isn’t the first time Warren and Bessent have sparred over the financial lifeline to Argentina. Bessent has backed up the Trump administration’s decision to aid Argentina.
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“We have been forced to prioritize mission-critical efforts necessary to the discharge of the President’s constitutional duties — including national security and global financial stability,” Bessent said in an Oct. 21 letter to Warren.
Bessent then accused Warren of displaying “Peronist views,” a reference to a former president of Argentina, Juan Perón, and Peronism, an ideology that espouses that the government should have control of the national economy, according to the State Department’s Office of the Historian.
“There is little surprise — given your Peronist views on big government and freedom — that this type of action causes you great anxiety,” Bessent said.
Trump and President Javier Milei of Argentina have had a warm relationship since Trump took office. For example, Milei was the first foreign head of state to visit Trump following the 2024 election.
The Associated Press and Fox News’ Amanda Macias contributed to this report.
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