Fed Accountability Push: Bessent Presses for Credibility Amid Inflation and Scrutiny

In a House Financial Services Committee hearing, Treasury Secretary Scott Bessent called for greater Federal Reserve accountability and said the central bank has lost public trust amid high inflation and the Fed’s costly headquarters renovation, while defending its independence. He declined to state whether the president can fire a Fed governor or chair, noted political and legal scrutiny surrounding Chair Jerome Powell and the Warsh nomination, and highlighted debates over how the Fed is funded and its influence on monetary policy.