US Treasury Secretary Scott Bessent has called for an inquiry into the “entire Federal Reserve institution”, in the latest sign of how top Trump administration officials are cranking up pressure on the central bank.
“What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Bessent told CNBC on Monday.
Bessent’s comments come as Donald Trump and his lieutenants have sharply criticised the Fed and its chair Jay Powell for refraining to cut borrowing costs this year. Trump last week asked a group of Republican lawmakers whether he should sack Powell, but later clarified that he had no plans to do so unless he needs to “leave for fraud”.
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