STORY: :: Bessent says the Fed has lost the trust of the American people
:: Washington. D.C.
:: February 4, 2026
:: Scott Bessent, U.S. Treasury Secretary
"The independence of the Fed is based on its trust with the American people and the Federal Reserve lost the trust of American people when it, when it allowed the greatest inflation of 49 years to ravage, ravage working people in this country." //
:: Rep. Emanuel Cleaver, (D) Missouri
"Being a member of Cabinet, you would advise the President of the United States, to verbally and politically interfere with the decision making of the Federal Reserve?"
BESSENT: "Well, it's his right, just as Senator Warren's right in September of '24 to say that they shouldn't cut 50 basis points, they should cut 75 basis points. It's the right of everyone in here, because, again, there is no.. there is no appropriation for the Fed. The Fed has magic money and prints all its own money."
CLEAVER: "Yeah, I understand how system's financed. The Federal Reserve. But Elizabeth Warren is not the President of the United States."
Bessent, asked at a House of Representatives Financial Services Committee hearing for his views on Fed independence, said that President Donald Trump had the right to publicly express his views on Fed monetary policy decisions, as does Democratic Senator Elizabeth Warren or anyone else.
Bessent also repeated that he always supports a strong dollar policy.
