Trump's nominee to head the Treasury Department, Scott Bessent, argued with Senator Bernie Sanders about whether the United States is heading toward an oligarchy.

on wednesday President Biden said in his farewell speech “America is developing an oligarchy of extreme wealth, power, and influence that literally threatens our entire democracy, our basic rights, our freedoms, and everyone's fair chance to get ahead.”

In response, Sanders said he agreed with Biden and specifically called out tech giants Elon Musk, Jeff Bezos and Mark Zuckerberg during Bessent's confirmation hearing before the Senate Finance Committee on Thursday.

“The three billionaires you listed all made their own money,” Bessent said. “Mr. Musk came to the country as an immigrant.”

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Scott Bessent, Trump's nominee for treasury secretary, testifies during a Senate Finance Committee confirmation hearing Thursday, Jan. 16, 2025, in the Dirksen Building. (Tom Williams/CQ-Roll Call, Inc via Getty Images/Getty Images)

Sanders interrupted Bessent and repeated his question.

“Well, I would note that President Biden has given the Presidential Medal of Freedom to two people who I think would be appropriate for his oligarchs,” Bessent said.

Bessent's comment referenced billionaires George Soros and David Rubenstein, who received an award from Biden earlier this month. Bessent is a hedge fund billionaire himselfpreviously worked for Soros.

“This is not a condemnation of anybody, of an individual,” Sanders said. “I'm just asking you, with so few (owning) so much wealth and power, do you think it's an oligarchic form of society?”

“Senator, I think it depends on the ability to move income up and down,” Bessent said.

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Sen. Bernie Sanders, I-Vt., speaks during a press conference at the U.S. Capitol in Washington, Oct. 6, 2021. (Stephanie Reynolds/Bloomberg via Getty Images/Getty Images)

Sanders again interrupted Bessent and finally dropped the subject before asking Bessent whether the hedge fund billionaire would “work with those who want to raise the federal minimum wage to a living wage to lift millions of Americans out of poverty.”

“Senator, I think the minimum wage is more of a state and regional issue,” Bessent said.

“Do you think we shouldn't change the federal minimum wage?” Sanders said. “We have $7.25 an hour.”

“No, sir,” Bessent replied.

Sanders is an outspoken supporter of raising the federal minimum wage and introduced legislation in 2023 that would raise it to $17 by 2028.

Sanders' home state of Vermont raised its minimum wage this month from $13.67 an hour to $14.01 an hour. The federal minimum wage has remained at $7.25 since 2009.

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Scott Bessent, President-elect Trump's nominee for treasury secretary, arrives to meet with Sen. Mike Crapo, R-Idaho, in the Dirksen Senate Office Building, Dec. 10, 2024, in Washington. (Anna Moneymaker/Getty Images/Getty Images)

Bessent discussed a range of policy issues with lawmakers on Thursday, including tariffs, tax cuts and sanctions against Russia.

Bessent said Updates the Tax Cuts and Jobs Act of 2017 Trump's confirmation during his first administration is of great importance. Bessent said many of the reforms in the measure are set to expire in 2025, but not renewing the cuts would hurt the middle and working classes.

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“This is the single most important economic issue of the day,” Bessent said.

“If we don't renew the extension, then we face economic disaster. And as always, with financial instability, it falls on the middle and working class.”