U.S. Treasury Secretary Scott Bessent said the Federal Reserve's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas and he called on the U.S. central bank to conduct an exhaustive review of those operations.

President Donald Trump‘s Treasury Secretary Scott Bessent said in his confirmation hearing in January that he didn’t plan to infringe on the autonomy of the Federal Reserve, the independent body that makes critical decisions on U.

U.S. Treasury Secretary Scott Bessent on Monday said the entire Federal Reserve needed to be examined as an institution and whether it had been successful. Bessent, speaking with CNBC, declined to comment on a report that he had advised President Donald Trump not to fire Fed chair Jerome Powell,