Editor’s Note: This story has been updated to include a comment from a UBS spokesperson.
Treasury Secretary Scott Bessent criticized Sen. Elizabeth Warren (D-Mass.), accusing her of partisanship that is harming the American economy and undermining the “golden age” being ushered in by President Donald Trump.
Warren Accused of Sabotaging FDI
The letter, addressed to UBS Chairman Colm Kelleher, requests a summary of its interactions with Trump administration officials regarding the bank’s potential relocation of its headquarters to the U.S., along with details of any incentives that may have been offered, according to a Reuters report.
Bessent argued that Warren's “partisanship” was actively damaging the U.S. economy by “discouraging foreign direct investment” from global firms, he said were eager to back Trump's “Golden Age.”
Calling her “our very own American Chavista,” Bessent suggested that it was no surprise that foreign direct investment in 2024 under President Joe Biden's administration stood at just $350 billion.
Senator Warren did not immediately responded to Benzinga’s request for a comment on this matter. This story will be updated as soon as we receive a response.
A UBS spokesperson has since responded to Benzinga, saying, “As we have said repeatedly, we want to continue to operate successfully as a global bank out of Switzerland,” while highlighting the bank’s “unique, sustainable, globally diversified business model, which has proven itself even in extraordinary situations and serves as an anchor of resilience, stability and prosperity."
Trump Officials Tout Record FDIs
In recent months, several Trump administration officials have touted record-high foreign direct investments, with Trump himself making claims of $17 trillion in new investments flowing into the U.S. over the next year.
Photo Courtesy: Maxim Elramsisy On Shutterstock.com
Read More:
© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
