Scott’s pointed remarks to the treasury secretary

ABC NEWS reported markets soared yesterday after 11 large banks unveiled a rescue plan for the First Republic Bank.  Agreeing to making $30 billion in deposits to prop up the struggling bank were, among others, Chase, Bank of America, and Citigroup.  Nonetheless, the feds’ treasury secretary, Janet Yellen, was pressed during the Senate Finance Committee hearing by South Carolina’s Tim Scott, who sought to acknowledge, what Scott called, reckless tax spending by the administration. Later the office of Republican Scott explained the senator sought answers from Yellen on White House spending that created an inflationary environment and rising interest rates.