U.S. Treasury Secretary Scott Bessent stated on Monday that while the Federal Reserve should remain independent, it has “made numerous errors.” He supported President Donald Trump’s authority to dismiss Fed Governor Lisa Cook due to mortgage fraud allegations.
For months, Trump has criticized the Fed and its chair, Jerome Powell, for not reducing interest rates. Recently, he also targeted Powell concerning a costly renovation of the bank’s headquarters in Washington.
“The Fed should be independent. It is independent, yet, I believe they have made many mistakes,” Bessent told Reuters during an interview at a diner near Washington.
