US Treasury Secretary urges examination of Federal Reserve
(MENAFN) Treasury Secretary Scott Bessent has called for an examination of the Federal Reserve, suggesting that the institution may have repeatedly failed in its responsibilities. His remarks, made during an interview, criticized the Fed’s handling of key economic policies and questioned its broader effectiveness.
“What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Bessent said. “If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why this happened.”
Although Bessent did not list specific errors, he highlighted the Fed’s resistance to former President Donald Trump’s trade policies—particularly its warnings that tariffs could raise inflation and unemployment. “There was fear-mongering [by the Fed] over tariffs and thus far we’ve seen very little if any inflation,” he said. “All those PhDs over there, I don’t know what they do.”
He also defended Trump’s trade approach, praising the former president as a “high-functioning executive” with an “economically sophisticated” strategy. According to Bessent, elevated tariffs serve to pressure trade partners into more favorable agreements with the United States.
Earlier this year, Trump introduced a 10 percent tariff on most trade partners, with even higher rates targeting China, Mexico, Canada, and the European Union. The administration has since implemented additional targeted duties and is reportedly planning more. These measures have been promoted as tools to secure better trade deals, support domestic manufacturing, protect American jobs, reduce the trade deficit, and help fund tax reforms.
Though some nations have pushed back against the tariffs—and certain duties have been temporarily suspended—many have entered negotiations for exemptions and revised trade terms.
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