Bessent Calls for Internal Review of Federal Reserve’s Nonmonetary Policy Operations

Contact Your Elected Officials

The Treasury secretary said that a comprehensive institutional review of the Federal Reserve would strengthen the central bank’s credibility.

U.S. Treasury Secretary Scott Bessent on Monday called for an internal review of the Federal Reserve’s nonmonetary policy operations, saying that “mission creep and institutional growth” have taken the central bank into areas beyond its remit.

Bessent wrote on social media that the Federal Reserve’s conduct of monetary policy is a “jewel box” that should be “walled off to preserve its independence,” describing that independence as a “cornerstone of continued U.S. economic growth and stability.”

That autonomy is “threatened by persistent mandate creep into areas beyond its core mission, provoking justifiable criticism that unnecessarily casts a cloud over the Fed’s valuable independence on monetary policy,” he wrote on X.

Bessent said a comprehensive institutional review of the Federal Reserve would strengthen the central bank’s credibility with the American people.

Earlier on Monday, Bessent told CNBC’s “Squawk Box” that there needs to be an examination of whether the Federal Reserve has been successful.

“Has the organization succeeded in its mission?” he said. “If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why has this happened.”

The Epoch Times contacted the Federal Reserve, but the central bank declined to comment.

Fed Refurbishments

The Treasury secretary also highlighted the $2.5 billion refurbishment of the central bank’s Washington headquarters.

He said in his post on X that while he has no knowledge or opinion on the legal basis for the renovations, “a review of the decision to undertake such a project by an institution reporting operating losses of more than $100 billion per year should be conducted.”

On July 10, Office of Management and Budget Director Russell Vought wrote to Federal Reserve Chairman Jerome Powell, criticizing what he called the “ostentatious overhaul” of the central bank’s estate, a project which he said was now $700 million over budget.

The Fed justified the expense, saying on its website that “major systems” in both the Marriner S. Eccles Building and the 1951 Constitution Avenue Building are “obsolete and in need of replacement for health and safety reasons.”

The central bank noted that some of these systems date back to the buildings’ construction in the 1930s.

By Victoria Friedman

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

Government Shutdown, Health Care, Tax Breaks=Perfect Storm

The shutdown over cuts to health subsidies for the poor stems from Trump’s OBBB plan, which critics say funneled trillions to the wealthy.

3I/Atlas Comet or UFO Arrives Tomorrow!

The 3I/Atlas object is hurtling toward our solar system on a strange path and composition, set to pass behind the sun, obscuring visual and radio tracking.

‘I’d Be Finished’: Vaccine Researcher Trashes Own Study to Save Career

Most doctors comply with the system, following orders to keep their jobs, income, and prestige, even if it means setting aside independent judgment.

Kamala, Please Run Again

Kamala Harris hinted she wants to run for President in 2028, despite poor poll numbers and her loss in 2024. If she runs, the big winners will be the GOP.

Rosie O’Donnell vs. Her Therapist

Rosie O’Donnell's therapist attempted to artfully introduce to her client to the possibility that Rosie's outrage might be performative. It didn’t take.

Amazon to Cut 14,000 Corporate Jobs Amid AI Push

Amazon is cutting about 14,000 corporate jobs to streamline management, reduce bureaucracy, and focus more on AI and other key priorities.

Louisiana GOP State Lawmaker Announces Run Against Incumbent U.S. Senator

Louisiana Rep. Julie Emerson launches a campaign against Sen. Bill Cassidy, entering the state’s first Republican primary race in 50 years.

Trump Says His MRI Test Performed at Walter Reed Was ‘Perfect’

“I did,” Trump confirmed. “I got an MRI. It was perfect. I gave you the full results. We had an MRI, in the machine … the whole thing.”

Fox News to Air First TV Interview With Erika Kirk Following Husband’s Assassination

Erika Kirk, new CEO of Turning Point USA, will give her first TV interview next month, two months after the assassination of her husband, Charlie Kirk.

Trump, Japanese PM Sign Critical Minerals, Rare Earths Deal

The U.S. president visited Tokyo on the second leg...

Trump Hikes Canada’s Tariffs by 10 Percent for Not Pulling Anti-Tariff Ad Immediately

Trump announced he will increase tariffs on Canada by 10% after ad by provincial government of Ontario misrepresented President Reagan’s speech on tariffs.

Trump Rolls Back Emissions Rules on Copper Smelters

President Trump issued a proclamation aimed at reversing a Biden-era environmental rule that enforced stricter air emission standards on copper smelters.

Donor Gives $130 Million to Cover Shortfall in Troop Pay During Shutdown

Trump announced on Oct. 23 that an anonymous donor sent $130M to cover military pay during the ongoing government shutdown.
spot_img

Related Articles

Popular Categories

MAGA Business Central