Scott Bessent calls Mamdani ‘leader of the Democratic Party,’ touts weekly Warsh breakfasts and a new push to put every American in the stock market

Treasury Secretary Scott Bessent used a wide-ranging CNBC interview Wednesday to weigh in on New York City (and national) politics, the Federal Reserve, and an ambitious plan to close America’s investment gap. He arrived at CNBC’s Squawk Box studio in Times Square on Wednesday morning with a lot on his mind—and a not-so-subtle political message to deliver. Less than 24 hours after Mayor Zohran Mamdani’s progressive allies swept three competitive House Democratic primaries in New York City, ousting two incumbent congressmen, Bessent said what he claimed President Trump had predicted months ago: “Last night we saw, Mayor Mamdani is the leader of the Democratic Party and the establishment Democrats, finally, we are seeing where the Democrats are going in this election.” Bessent added that he was present in the Oval Office when Trump told Mamdani directly that he would become the leader of the Democratic Party—and that Tuesday’s results confirmed what the White House had long anticipated. “It will be a very stark choice between Republican parties and—it’s not the fringe Democratic left anymore. It’s the mainstream of the Democratic Party,” Bessent said. Mamdani, who won the New York City mayoralty in November 2025 with nearly 51% of the vote, has emerged as a galvanizing figure on the Democratic left. Tuesday’s results were striking in scope: Mamdani-backed Brad Lander ousted two-term Rep. Dan Goldman in NY-10, while challenger Darializa Avila Chevalier defeated five-term Rep. Adriano Espaillat—the chair of the Congressional Hispanic Caucus—in what Reuters called Mamdani’s bid to “remake the Democratic Party into a democratic socialist entity.” Bessent suggested the movement was already spreading beyond the five boroughs, pointing to Maine and Michigan as states where he believed Democratic socialist politics were gaining traction. “More power to them,” he added, “becau