The president made it clear that he intends to appoint a Fed leader more related to his accelerated cuts of interest rates, and accused Powell of acting “too late” regarding the costs of loans and harming housing buyers with higher mortgage rates.
Besent asks for a “complete” review of the Fed
The Secretary of the United States Treasury, Scott Besent, requested a renewed scrutiny of the Fed on Friday, including its power to set interest rates, while the Trump administration continues its efforts to exercise control over a central bank whose isolation of short -term political pressures is widely seen as key to its effectiveness.
“There must also be an honest, independent and non -partisan review of the entire institution, including monetary policy, regulation, communications, staff and research,” Besent wrote at the Wall Street Journal.
The official also requested that the Fed leave the bank supervision to other government authorities and that “reduce the distortions it causes in the economy”, including the purchases of bonds made out of true crisis conditions.
