South OC Times

This week, U.S. Representative Young Kim from California's 40th district engaged in a dialogue with Treasury Secretary Scott Bessent during a House Financial Services Committee hearing in Washington, DC. The discussion covered several pressing issues including tariffs, financial oversight, and financial literacy.

Addressing the impact of tariffs on Southern California, Rep. Kim expressed concerns about potential economic repercussions due to expected declines in cargo volume at the Ports of Los Angeles and Long Beach. She questioned Secretary Bessent on how tariff policies could avoid negatively affecting American small businesses and workers. In response, Secretary Bessent stated, "Congresswoman, we believe they are, over the long term that it will drive growth in the economy."

Rep. Kim also raised questions about the Financial Stability Oversight Council (FSOC) and its current framework for assessing financial risk under non-bank systematically important financial institutions. She advocated for a return to an activity-based approach. Secretary Bessent acknowledged this concern by stating that reassessment is on their agenda.

The conversation also touched upon the Community Development Financial Institutions (CDFI) Fund programs. Rep. Kim emphasized their importance in promoting local economies like Orange County's. Secretary Bessent agreed on their significance if CDFI officials adhere to statutory obligations.

Finally, Rep. Kim highlighted her participation in a recent Financial Literacy Roundtable organized by Secretary Bessent's team. She stressed the importance of continuing such initiatives beyond Financial Literacy Month. Secretary Bessent shared his commitment to advancing financial literacy as essential for economic independence.