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U.S. Treasury Secretary Scott Bessent Urges Comprehensive Audit of the Federal Reserve
Scott Bessent, the U.S. Treasury Secretary, has called for a sweeping internal audit of the Federal Reserve (Fed), even as he praised Federal Reserve Chair Jerome Powell for his dedication, describing him as "an excellent public servant." Bessent voiced his concerns about what he sees as the unchecked expansion of the Fed’s authority.
In a widely watched July 22 interview with CNBC, Bessent remarked, “The Federal Reserve should undertake a thorough self-assessment to evaluate whether it has been effectively fulfilling its mandate.” He reiterated this stance during a separate interview with Fox Business on July 23, stressing that “the Fed’s authority has continued to grow unregulated due to a lack of robust oversight mechanisms.”
Jerome Powell Faces Mounting Criticism Amid Fed Controversy
Bessent’s statements come as Federal Reserve Chair Jerome Powell navigates an increasing wave of scrutiny. Powell has kept the central bank's benchmark interest rate steady at 4.25–4.50% since December, a move that has drawn sharp criticism from key figures, including former President Donald Trump. Trump has repeatedly criticized Powell, advocating for drastic rate cuts down to 1% to ease the growing interest burden tied to the national debt.
Beyond his monetary policy decisions, Powell faces backlash on several other fronts, including:
- Oversight of a $2.5 billion renovation project for the Federal Reserve’s headquarters in Washington, D.C.
- Unanticipated budget overruns amounting to $700 million.
- Allegations of false testimony to Congress concerning budget-related issues.
Florida Congresswoman Anna Luna has escalated tensions by outright accusing Powell of perjury, alleging that he provided misleading statements about the Federal Reserve's budget management.
Fed’s Crypto Policies Draw Fire from Senator Lummis
Adding to the controversy, Senator Cynthia Lummis of Wyoming has lambasted Powell for what she perceives as a systematic clampdown on the cryptocurrency industry. According to Lummis, the Federal Reserve has unfairly classified cryptocurrency companies as "reputational risks," effectively limiting their ability to access essential banking services. She has likened this alleged targeting to “Operation Choke Point 2.0,” referencing broader claims that U.S. agencies are covertly restricting industries considered high-risk.
The criticisms directed at Powell underscore growing demands for reform, transparency, and accountability within the Federal Reserve. As debates about U.S. monetary policy and the Fed’s sweeping influence intensify, calls for audits and oversight are gaining traction across political and financial circles.
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