Bensent was asked to explain Warren's reasons for intervening in the yen in his letter.

Senator Elizabeth Warren explained to Treasury Secretary Scott Basent the reasons behind the Trump administration's intervention in the yen, continuing the tradition of this senior Democrat scrutinizing the Trump administration's foreign exchange policies. In a letter dated August 13, Warren wrote, "So far, this administration has not provided detailed justifications for its intervention actions, nor has it officially disclosed how much taxpayer money has been used to purchase yen." Basent confirmed media reports about the U.S. and Japan's joint intervention in the yen's exchange rate for the first time since 1998 but did not disclose the specific amount of funds used. He indicated that the action involved euros from the Treasury's Exchange Stabilization Fund (ESF). When discussing the use of the ESF, Warren stated, "Congress expects these powers to be used judiciously to promote national interests." She requested a response from the government by August 28 and said, "Please provide the legal analysis of the government's use of the ESF." Senator Warren, the top Democrat on the Senate Banking Committee, also asked Basent to outline the costs that U.S. taxpayers are expected to bear, as well as "the scale and conditions of U.S. financial support for Japan currently under consideration."