Bessent puts Megaspeed heat on Lutnick: "Commerce has the pen"
· Axios
Treasury Secretary Scott Bessent said in a Friday interview that while his department and others agreed on placing Megaspeed on a special list of companies that pose national security concerns, the Commerce Department "has the pen."
Why it matters: Bessent didn't deny reports of tension between him and Commerce Secretary Howard Lutnick, who has come under scrutiny for his inaction over Megaspeed.
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- The Singapore tech company has been accused of illegally diverting U.S. chips to China, and former Nvidia CEO Jensen Huang admitted he had an affair with an executive from the company.
- The U.S. has identified the woman, Alice Huang, as a suspected Chinese intelligence asset.
Driving the news: "Treasury, War, USTR, and State — they were in favor of putting Megaspeed on the entity list for months, but Commerce has the pen," Bessent said on CNBC Friday morning.
- "You ... have to ask them about their internal processes," he added.
- The Commerce Department did not immediately respond to Axios' request for comment.
Editor's note: This is a breaking news story and will be updated.