U.S. Treasury Secretary Scott Bessent escalated his criticism of the Federal Reserve on Friday, urging sweeping reforms and accusing the central bank of driving inflation and inequality while President Donald Trump weighs successors to Fed Chair Jerome Powell.
Bessent Calls For Overhaul Of Fed’s Powers
In an op-ed for The Wall Street Journal that was published on Friday, Bessent called for a “nonpartisan review” of the Fed, including its authority to set interest rates, regulatory functions and internal operations.
He argued that the Fed should leave bank supervision to other agencies and abandon bond purchases outside of emergency conditions.
“The Fed must change course,” Bessent wrote, adding that its policies “enriched the rich at the expense of the poor” and contributed to the U.S. housing affordability crisis.
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