US Treasury Secretary Bessent Calls for Federal Reserve Probe Amid Trump Criticism

Treasury Secretary Scott Bessent has called for a comprehensive investigation into the Federal Reserve, questioning whether the institution has fulfilled its mission in guiding U.S. economic policy, particularly in light of recent stable inflation figures despite tariffs. Bessent criticized the Fed for alleged intellectual rigidity and 'fearmongering' over inflation, echoing the Trump administration's intensifying campaign against the central bank and its chairman, Jerome Powell. This push for scrutiny comes as the White House and some Republican lawmakers, such as Rep. Anna Paulina Luna, ramp up calls for probes into Powell’s management, including allegations of misleading Congress about the cost of the Fed’s headquarters renovation. Legislative efforts to audit the Fed have also been renewed in the Senate, though the Fed is already subject to annual independent audits. The ongoing tension highlights deeper political divisions over monetary policy and the independence of the central bank.