Bessent says Treasury wanted Megaspeed blacklisted, but 'Commerce has the pen'

Treasury Secretary Scott Bessent said Friday that several agencies wanted Megaspeed added to the government's export blacklist, but Commerce did not act. Speaking on CNBC, he said Treasury, the Pentagon, the U.S. Trade Representative and the State Department backed the move for months ³. Megaspeed is a Singapore-based company and a major buyer of Nvidia's advanced AI chips ³.

Treasury, War, USTR, and State were in favour of putting MegaSpeed on the entity list for months, but Commerce has the pen.

Megaspeed is accused of routing advanced chips to Chinese entities, which it denies. It calls itself a "compliant and legal company" ³. CNN reported it has bought more than $4 billion in Nvidia chips ³.

On tapeCNN · Nov 13

▶10:01

What the blacklist does

The blacklist is called the Entity List. Companies on it cannot buy American technology without a license, and licenses are usually refused ¹. Commerce runs the list, and a review panel it leads includes State, Defense and Energy, with Treasury consulted when appropriate ².

Commerce has not added a company since October 2025, according to CBS News as cited by the ANI news service ³. Yahoo Finance counted 13 months without a new listing, with more than 100 companies waiting. Reuters reported those companies were approved by a review panel but never published ¹.

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A reported Situation Room clash

Axios reported that Bessent confronted Lutnick in the White House Situation Room. It said Bessent asked why Megaspeed was not on the list, and Lutnick answered, "I don't know. I'll look into it" ². A Commerce spokesperson called the report false and said the two men "had no such conversation" ².

Axios sources also said Lutnick spent the past year reversing colleagues' efforts, partly over fear of escalating the China trade fight ². That account comes from unnamed sources, and Commerce disputes it. Commerce has said it uses the blacklist every day against bad actors ¹.

On tapeBloomberg Television · Nov 10

▶3:13

What happens next

Sen. Tim Scott, a South Carolina Republican who chairs the Senate Banking Committee, asked both Lutnick and Nvidia's Jensen Huang to testify. He asked Huang to appear Dec. 3 and said the committee could use subpoenas if needed ³. Huang resigned as Nvidia CEO Thursday and has agreed to testify before congressional committees ³.

The American people deserve answers.

CNN reported that some advisers have privately discussed Lutnick's possible removal. The White House said Trump "maintains complete confidence in the secretary" ³.

That matters because the blame is now being traded inside the Cabinet. Bessent's words, on the record, say the agencies that wanted action did not hold the pen. Whether Lutnick's account differs under oath is a question for the hearings.

The Record

1. Oct 9, 2025Commerce added its last company to the Entity List, per Yahoo Finance's count ¹.
2. Nov 5, 2026Bessent reportedly asked Lutnick in the Situation Room why Megaspeed was not blacklisted; Commerce denies it ¹².
3. Nov 13, 2026Bessent told CNBC that Commerce 'has the pen' on the Megaspeed listing ³.

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<h2>Bessent says Treasury wanted Megaspeed blacklisted, but &#39;Commerce has the pen&#39;</h2> <p><em>By The GOP Files Investigations Desk. This article first appeared on <a href="https://thegopfiles.com/story/bessent-says-treasury-wanted-megaspeed-blacklisted-but-commerce-has-the-pen">The GOP Files</a> on Friday, November 13, 2026.</em></p> <p>Treasury Secretary Scott Bessent said Friday that several agencies wanted Megaspeed added to the government&#39;s export blacklist, but Commerce did not act. Speaking on CNBC, he said Treasury, the Pentagon, the U.S. Trade Representative and the State Department backed the move for months . Megaspeed is a Singapore-based company and a major buyer of Nvidia&#39;s advanced AI chips .</p> <blockquote><p>Treasury, War, USTR, and State were in favour of putting MegaSpeed on the entity list for months, but Commerce has the pen.</p><p>&mdash; Scott Bessent, Treasury Secretary, Republican administration</p></blockquote> <p>Megaspeed is accused of routing advanced chips to Chinese entities, which it denies. It calls itself a &quot;compliant and legal company&quot; . CNN reported it has bought more than $4 billion in Nvidia chips .</p> <h2>What the blacklist does</h2> <p>The blacklist is called the Entity List. Companies on it cannot buy American technology without a license, and licenses are usually refused . Commerce runs the list, and a review panel it leads includes State, Defense and Energy, with Treasury consulted when appropriate .</p> <p>Commerce has not added a company since October 2025, according to CBS News as cited by the ANI news service . Yahoo Finance counted 13 months without a new listing, with more than 100 companies waiting. Reuters reported those companies were approved by a review panel but never published .</p> <h2>A reported Situation Room clash</h2> <p>Axios reported that Bessent confronted Lutnick in the White House Situation Room. It said Bessent asked why Megaspeed was not on the list, and Lutnick answered, &quot;I don&#39;t know. I&#39;ll look into it&quot; . A Commerce spokesperson called the report false and said the two men &quot;had no such conversation&quot; .</p> <p>Axios sources also said Lutnick spent the past year reversing colleagues&#39; efforts, partly over fear of escalating the China trade fight . That account comes from unnamed sources, and Commerce disputes it. Commerce has said it uses the blacklist every day against bad actors .</p> <h2>What happens next</h2> <p>Sen. Tim Scott, a South Carolina Republican who chairs the Senate Banking Committee, asked both Lutnick and Nvidia&#39;s Jensen Huang to testify. He asked Huang to appear Dec. 3 and said the committee could use subpoenas if needed . Huang resigned as Nvidia CEO Thursday and has agreed to testify before congressional committees .</p> <blockquote><p>The American people deserve answers.</p><p>&mdash; Tim Scott, U.S. Senator, Republican-South Carolina</p></blockquote> <p>CNN reported that some advisers have privately discussed Lutnick&#39;s possible removal. The White House said Trump &quot;maintains complete confidence in the secretary&quot; .</p> <p>That matters because the blame is now being traded inside the Cabinet. Bessent&#39;s words, on the record, say the agencies that wanted action did not hold the pen. Whether Lutnick&#39;s account differs under oath is a question for the hearings.</p> <p><em>Read the original, with every source linked, at <a href="https://thegopfiles.com/story/bessent-says-treasury-wanted-megaspeed-blacklisted-but-commerce-has-the-pen">thegopfiles.com</a>. Republished under The GOP Files' <a href="https://thegopfiles.com/republish">free republishing terms</a>.</em></p> <img src="https://thegopfiles.com/api/rp/bessent-says-treasury-wanted-megaspeed-blacklisted-but-commerce-has-the-pen.gif" alt="" width="1" height="1" style="border:0;width:1px;height:1px">

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Sources

1. Yahoo Finance, “Bessent vs. Lutnick: Trump Officials Clash Over Nvidia China Chip Probe” (2026-11-11). finance.yahoo.com/economy/policy/articles/bessent-vs-lutnick
2. Yahoo News, “Bessent Reportedly Confronted Lutnick Over Nvidia Customer in Situation Room Clash” (2026-11-12). yahoo.com/news/politics/articles/bessent-reportedly-confront
3. The Tribune (ANI), “Difference in Trump cabinet over Chinese spy scandal, Bessent points finger at Lutnick for Megaspeed clearance” (2026-11-13). tribuneindia.com/news/ai-chips/difference-in-trump-cabinet-o

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