WASHINGTON — U.S. House Ways and Means Oversight Subcommittee Ranking Member Terri A. Sewell and 55 of her Democratic colleagues called on Treasury Secretary Scott Bessent to provide immediate answers regarding the Trump Administration’s $20 billion bailout of Argentina.
Joining with Trade Subcommittee Ranking Member Linda T. Sánchez (D-Calif.), the members said they are concerned the bailout is an inappropriate use of U.S. taxpayer funds to influence Argentina’s upcoming election in favor of President Trump’s political ally, Argentine President Javier Milei.
“President Trump and his administration is once again selling out the American people to help his wealthy friends and political allies,” said Sewell (D-Birmingham). “Billions of Americans’ taxpayer dollars are being sent to support the political prospects of Argentine President Javier Milei while President Trump continues to try to strip away healthcare from millions of working families in the U.S. The American people deserve answers.”
They also highlighted the bailout’s detrimental impact on American farmers, particularly soybean producers, and a potential conflict of interest involving a close associate of the Trump administration who stands to financially benefit from the arrangement.
Adding to the members’ outrage, President Trump suggested that the U.S. government would purchase beef from Argentina, which has been called a betrayal of American ranchers.
“President Trump’s plan to buy beef from Argentina is a betrayal of the American rancher,” said Christian Lovell, Farm Action’s Senior Director of Programs and an Illinois cattle producer. “Those of us who raise cattle have finally started to see what profit looks like after facing years of high input costs and market manipulation by the meatpacking monopoly.
“After crashing the soybean market and gifting Argentina our largest export buyer, he’s now poised to do the same to the cattle market. Importing Argentinian beef would send U.S. cattle prices plummeting — and with the meatpacking industry as consolidated as it is, consumers may not see lower beef prices either. Washington should be focused on fixing our broken cattle market, not rewarding foreign competitors.”
With these actions, “President Trump risks acting more like the president of Argentina than president of the United States,” Lovell said.
The Democrats said Trump conditioned the bailout on the electoral success in this month’s elections of President Milei’s party.
“The U.S. Treasury’s authorities to address international financial crises, which are meant for situations that present a genuine U.S. national interest, should not be used to influence elections abroad,” they wrote. “In this regard, President Trump has not only conditioned the loan on President Milei’s electoral prospects, but he has also noted that the United States will not benefit from the bailout.
“Due to the Trump Administration’s failed trade policy, China purchased almost no American soybeans from May to August of this year. As American farmers struggle, Brazil has set records in its soybean exports to China and Argentina is following suit after capitalizing on the Trump administration’s promise of a bailout. American farmers need relief. American farmers need restored market access.”
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