FIRST ON FOX: The top Democrat on the House Judiciary Committee is demanding increased transparency from the Trump administration on the factors that led it to make its multibillion-dollar gamble on Argentina.
In a letter sent Friday to Treasury Secretary Scott Bessent and Robert Citrone, the manager of Discovery Capital Management LLC, Rep. Jamie Raskin, D-Md., requested details about their relationship after the Trump administration’s announcement of the deal earlier this month.
Raskin, the ranking member on the House Judiciary Committee, asked to see any correspondence between Bessent and Citrone on Argentina, the investment and Citrone’s holdings in the country.
“It is imperative that the American people have a full understanding of why, in the midst of a government shutdown, this administration has chosen to orchestrate a $40 billion bailout to Argentina. What specific arrangements were made to accomplish this astounding result?” Raskin wrote.
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Citrone did not respond to several requests for comment.
Russell Dye, a spokesperson for the Republican Judiciary Committee, said the letter represented just the most recent example of Democrats’ fixation on critiquing the administration’s decisions.
“Democrats should focus on opening the government and paying federal workers, many of whom live in ranking member Raskin’s district, rather than obsessing over President Trump. But, sadly, their priority will always be attacking President Trump instead of paying the troops, air traffic controllers and families who are hurting,” Dye said.
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The Trump administration announced that it facilitated $20 billion in private financing for Argentina alongside a $20 billion currency swap, providing a financial backstop for a country that has struggled for years to find its footing amid high inflation. The investment aims to help Argentina manage its debts as the value of its currency, the Argentine peso, continues to fluctuate.
The decision to direct American dollars toward Argentina raised accusations from Democrats that the investment carried political undertones meant to benefit Argentine President Javier Milei, a figure closely aligned with the Trump administration. Like Trump, Milei entered office in 2023 with promises to shrink the government’s footprint and bring down the country’s costs.
But more than just the political undercurrents, Democrats like Raskin argue that some figures close to the administration — like Citrone — may receive collateral benefits as a result.
“In October 2024, you said that ‘the probability of default in Argentina is miniscule.’ Yet, in the past couple of months, a run on the Argentinian peso has put the country’s economy — and your hedge fund’s massive investments — on the brink of collapse. Suddenly, President Trump and Secretary Bessent announced the United States would take ‘exceptional measures’ to stabilize Argentina’s markets. The total amount of assistance for Argentina is a whopping $40 billion,” Raskin wrote.
Citrone and Bessent previously worked together for George Soros in 2013, according to statements Citrone made in a Goldman Sachs podcast.
According to the reporting from the Securities and Exchange Commission (SEC), Discovery Capital’s exposure to Argentina is high, but not as high as it used to be. Discovery’s investments with companies based in or conducting business in Argentina have scaled down since December 2024. The fund’s investments in 2025 are tens of millions of dollars below levels from a year before. Citrone’s exposure in connection with Argentina is still north of $100 million, according to the SEC.
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In addition to demanding more information about Bessent’s thinking on Argentina, Raskin blasted the decision to invest in Argentina during an ongoing, 31-day government shutdown.
“The Republican government shutdown has deprived millions of federal workers — including law enforcement and air traffic controllers — of their paychecks and is threatening government programs vital to the American people. But, in the midst of this government-created crisis, the Trump administration has chosen to arrange a $40 billion bailout to Argentina — half of it funded with taxpayer money,” Raskin wrote.
Raskin requested that the documents be provided to lawmakers no later than Nov. 14.
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