U.S. Treasury Secretary Scott Bessent has called for a “comprehensive review” of the Federal Reserve institution to ensure its fulfilling its core mission.
00:00U.S. Treasury Secretary Scott Besson has called for a comprehensive review of the entire Federal Reserve Institution,
00:06not just its monetary policy, all in order to ensure it is fulfilling its core mission effectively.
00:13The Treasury Secretary criticized the Fed for mandate creep,
00:17warning that venturing into non-monetary areas like the $2.5 billion headquarter renovation amid operating losses could undermine its independence.
00:26Besson compared the situation to the FAA, saying if agencies make significant mistakes, a full inquiry is warranted.
00:34Besson's call, made on CNBC, adds to mounting pressure from the Trump White House,
00:38which has clashed with Jerome Powell over steady interest rates, fiscal concerns, and the Fed's broader scope.
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