U.S. Senate Committee on Finance Ranking Member Ron Wyden and Senate Banking Committee Ranking Member Elizabeth Warren sent a letter to Treasury Secretary Scott Bessent questioning the U.S. Mint's gold sourcing after New York Times reporting said the Mint had spent hundreds of millions buying gold from foreign mines controlled by cartels, terrorist groups, and other criminal syndicates. The senators argued that purchases from countries including Colombia may have benefited groups such as the sanctioned Clan del Golfo and reflected failures in Treasury supply chain due diligence. The letter asks Treasury what the Mint has done to implement Treasury OIG recommendations, including the promised publication of procedures for acquiring newly mined U.S. gold, a Federal Register notice, and a legislative proposal the Mint had said it would develop within 180 days. It also asks whether Colombian gold bought by U.S. refiners is paid for in USD or local currencies, what safeguards stop transnational criminal organizations and sanctioned actors from accessing USD, whether the Mint has bought gold mined in Venezuela, what coordination has occurred with OFAC, and how Treasury plans to ensure the Mint sources gold from U.S. mines. Wyden and Warren requested a response by June 1, 2026.
U.S. Senate Committee on Finance 2026-05-14
U.S. Senate Committee on Finance ranking member questions Treasury over U.S. Mint gold purchases linked to cartels and terrorist groups
The U.S. Senate Finance and Banking Committee ranking members sent a letter to the U.S. Department of the Treasury questioning the U.S. Mint’s gold sourcing after reports it purchased gold from foreign mines controlled by criminal and sanctioned groups. The senators seek details on implementation of Treasury Office of Inspector General recommendations, safeguards against U.S. dollar access by transnational criminal organizations, any Venezuelan gold purchases, coordination with the Office of Foreign Assets Control, and plans to ensure the Mint sources gold domestically.