Bessent Wants Independent Fed Review, Including Monetary Policy

Treasury Secretary Scott Bessent blasted the Federal Reserve for putting its own independence at risk through “mission creep” and called for an independent review of the US central bank, including its monetary policy.

“At the heart of independence lies credibility and political legitimacy,” Bessent said in an opinion piece in the Wall Street Journal published Friday. “Both have been jeopardized by the Fed’s expansion beyond its mandate.”

The column expanded on Bessent’s regular objections to the Fed having engaged in a “gain-of-function monetary policy experiment.” Among his criticisms: The Fed pumped too much stimulus via quantitative easing after the 2007-09 ...