In December 2025 a public spat unfolded online after reports surfaced that Sen. Elizabeth Warren had written UBS requesting details about discussions with Scott Bessent on possible relocation and incentives for the Swiss bank.
Treasury Secretary Scott Bessent retaliated on X, labeling Warren as ‘American Chavista’ and arguing that her partisan approach could undermine the U.S. economy by scaring away foreign direct investment. UBS issued a formal response emphasizing its Swiss-based, diversified business model and intent to remain a global bank, while Reuters documented the exchange and Benzinga noted that Warren did not immediately comment to its inquiry.
The dispute sits within a broader policy debate about how to attract global capital—pushing back against the Trump-era optimism on investment against the backdrop of evolving U.S. political dynamics.