Treasury Secretary Scott Bessent sharply escalated his criticisms of the Federal Reserve on Monday, publicly urging a comprehensive investigation into the central bank’s operations and effectiveness. In a news-making interview with CNBC, Bessent questioned whether the Federal Reserve has fulfilled its mandate, issuing a rare public critique from the nation’s top economic official on its own central bank at a pivotal moment for U.S. economic policy. His remarks came amid a summer storm of criticism from the Trump administration against the Fed.
Speaking from Washington, Bessent likened the proposed investigation to safety reviews in other major agencies, such as the Federal Aviation Administration. “What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Bessent told CNBC’s “Squawk Box.” “Has the organization succeeded in its mission? 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.”
