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Federal Reserve Has Lost Public Trust, Bessent Claims
Treasury Secretary Bessent blames the Federal Reserve's loss of credibility on soaring inflation and a costly headquarters renovation, calling for greater accountability to restore public trust.
- On March 13, 2025, U.S. Secretary of the Treasury Scott Bessent told a House committee that the Federal Reserve had lost the trust of the American people.
- Bessent said the Fed needed more accountability after allowing inflation to soar in recent years and blamed loss of credibility on current leadership and the costly headquarters renovation.
- Pointing to public confidence, Bessent said the Federal Reserve's independence rests on Americans' trust and must maintain credibility and be beyond reproach.
- The U.S. Supreme Court is now considering President Donald Trump's bid to remove Federal Reserve Governor Lisa Cook, with justices unlikely to allow immediate firing during her legal challenge.
- Legal scholars note the dispute echoes the 'unitary executive' debate as Bessent said there are 'varying opinions' within the administration and left the decision to the U.S. Supreme Court.
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Hawaii Tribune-HeraldReposted by 
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InsuranceNewsNetBessent says Fed lacks accountability and has lost public trust
WASHINGTON — Treasury Secretary Scott Bessent said Wednesday that the Federal Reserve needs more accountability after failing the American public by allowing inflation to soar in recent years.
Bessent dodges on whether Trump can fire Fed officials
As President Donald Trump doubles down on bending the Federal Reserve to his will, Treasury Secretary Scott Bessent wants to stay out of the fray. Bessent told House members Wednesday that the central bank has “lost the trust of the American people” — but declined to say whether Trump can fire Fed officials over policy disagreements. “I’m not a lawyer and I don’t have an opinion,” Bessent told Rep. Ritchie Torres, D-N.Y. He added later that “the…
·New York, United States
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Coverage Details
Total News Sources17
Leaning Left3Leaning Right2Center5Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 30%
C 50%
R 20%
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