THE GREAT AUDIT: Inside the Trump Administration’s Scorched-Earth War on Fraud

The mandate is clear, the treasury is weaponized, and the “Fraud Fighters” are officially on the march. In a bombshell interview from the front lines in Minneapolis, Treasury Secretary Scott Bessent outlined a radical, multi-pronged offensive designed to dismantle what he describes as a “trillion-dollar plague” of corruption, welfare abuse, and illicit money laundering that has bled the American taxpayer dry for years.

“We are here to follow the money,” Bessent declared, drawing a direct line between the current administration’s tactics and the legendary federal takedowns of the American Mafia and international drug cartels. “That’s what Treasury does. We’ve done it before, and we’re doing it again.”

.

.

.

The Minneapolis Epicenter: Rooting Out the ‘Somali Fraudsters’

The backdrop for this announcement was not a sterile office in Washington D.C., but Minneapolis, Minnesota—a city currently embroiled in what federal investigators describe as a massive network of welfare fraud. Bessent’s presence in the Twin Cities signaled a shift from rhetoric to results.

The administration’s primary target? A sophisticated web of “Money Service Businesses” (MSBs) suspected of funneling stolen American tax dollars to the Middle East and Somalia. According to Bessent, the Treasury is launching immediate investigations into four specific MSBs believed to be the primary conduits for these “ill-gotten” gains.

“Our generosity has been taken advantage of,” Bessent told Laura Ingraham. “The money is supposed to go to alleged asylum seekers and their families. If you are wiring that money out of the country, one of two things is true: either you’re getting too much money and your benefits should be cut, or you are part of a criminal conspiracy.”

The New Rules of Engagement: Lowering the Threshold

To catch these “fraudsters,” the Treasury Department is deploying a tactical tool known as a Geographical Targeting Order (GTO). This order effectively puts a magnifying glass over specific regions—starting with two counties in Minnesota—and fundamentally changes the rules for financial transactions.

The $3,000 Hammer: Previously, banks and MSBs were required to flag “Suspicious Activity Reports” (SARs) for transactions hitting $10,000. Bessent announced the administration is slashing that threshold to $3,000 for these targeted zones.

The ‘Welfare Checkbox’: In a move that is sure to spark intense legal and political debate, the Treasury is implementing a new requirement: anyone wiring money out of the country through these businesses must now check a box stating whether they are on public assistance.

The Ban on Remittances: Bessent was blunt about the consequence. “If you are on public assistance, we are going to start pushing that you cannot wire money out of the country.”

Laura Ingraham noted the potential for blowback, asking what happens if they lie. Bessent’s response was chilling for those in the crosshairs: “Lying on a federal form is a crime. We are going to follow it up. We want people in handcuffs.”

A National War: The Rise of the Fraud Czar

While the current heat is on Minnesota, the Trump administration is scaling this model to a nationwide level. The Secretary confirmed the creation of a brand-new Assistant Attorney General position with exclusive, nationwide jurisdiction over fraud.

This “Fraud Czar” will work in tandem with a revitalized IRS Criminal Investigation (CI) unit. Bessent reminded viewers that it was the IRS CI—not local beat cops—who originally cracked the codes on the most complex financial frauds in American history. By integrating the IRS’s forensic accounting power with the Justice Department’s prosecutorial muscle, the administration hopes to recover a portion of the estimated $600 billion lost annually to fraud.

“If we cut out the fraud,” Bessent argued, “we could flex up our military budget by 50% without asking for another dime from the taxpayer.”

Beyond Fraud: The Strategy for Home Affordability

The interview shifted from the “stick” of law enforcement to the “carrot” of economic relief, specifically regarding the housing market. Bessent addressed the “Hoovering up” of American homes by institutional investors—private equity firms and hedge funds that have dominated the real estate market since the 2008 financial crisis.

Ending the Institutional Buy-up: Bessent announced a shift in policy to stop institutional investors from using tax advantages to buy single-family homes. “We’re not going to make them divest yet, but we are putting an end to the buying,” he stated.

Driving Down Mortgage Rates: To help first-time homebuyers, the administration is leveraging Fannie Mae and Freddie Mac to purchase $200 million in bonds, a move designed to shrink the spread between mortgage rates and Treasury bills, making homeownership attainable again.

The “4.3% Private Sector Miracle”

Defying the predictions of many mainstream economists, Bessent pointed to the latest GDP figures as proof that the “Trump Trade Agenda” is working. He highlighted a 4.3% growth rate in the private sector, fueled largely by a shrinking trade deficit.

“Exports exceeded imports. Our trade deficit shrank back down to 2009 levels,” Bessent noted, attributing the growth to a combination of deregulation and aggressive trade positioning.

The Political Fallout: A Call for Resignations

The Secretary did not mince words when it came to the political leadership in Minnesota. Referring to Governor Tim Walz, Bessent echoed the administration’s sentiment that Walz should resign.

“It’s very clear either that he knew about the fraud in Minneapolis… or, at the very least, he looked the other way,” the administration’s messaging suggests. The “Fraud Fighters” aren’t just looking for criminals in the streets; they are looking for accountability in the halls of government.

Analysis: A New Era of Financial Surveillance?

Bessent’s “Follow the Money” campaign represents a fundamental shift in how the federal government interacts with the financial system. By lowering reporting thresholds and targeting specific demographics (those on public assistance), the Treasury is moving toward a model of “Enhanced Surveillance.”

Critics will likely argue that these measures infringe on privacy and unfairly target immigrant communities. However, for an administration elected on a platform of “America First” and fiscal responsibility, these moves are seen as the fulfillment of a core campaign promise: to stop the bleeding and ensure that American wealth stays in American pockets.

The message from Treasury is clear: The party is over for those living on the taxpayer’s dime while shipping the profits overseas. The “Fraud Fighters” have arrived.