JAKARTA - US Treasury Secretary Scott Bessent said Monday the United States Federal Reserve should be examined as an institution to see if it operates successfully.
"I think what we need to do is examine the entire Federal Reserve institution and whether they have succeeded. I will be in this building tonight. There is a regulatory conference starting tomorrow," Bessent told CNBC.
"Once again, I think we have to think, has this organization succeeded in carrying out its mission? You know, if this was the FAA (Federal Aviation Administration) and we made so many mistakes, we will come back and see why this happened," he said.
Bessent said there was a "scary" issue over US President Donald Trump's tariffs within the supervisory agency, although trade measures have so far only led to "very small inflation, if any".
Last week, Trump said that although he had no plans to fire Federal Reserve Chairman Jerome Powell, he did not rule out doing so.
The US president also said he views the Director of the White House National Economic Council, Kevin Hassett, as a candidate to replace Powell as Chairman of the Federal Reserve (The Fed).
Talking about Bessent's candidacy, Trump said he didn't consider it because he "her job" as Minister of Finance.
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Prior to that, sources familiar with the matter to CBS said Trump had asked Republican lawmakers if he should fire the Fed chairman and get their approval.
Several sources said that after obtaining approval from members of the House of Representatives from the Republican Party during a meeting in the Oval Room on Tuesday, Trum indicated that he would continue the decision.
In early July, Trump said Powell should resign immediately.
Shortly before that, the president told reporters he had two or three people who could replace Powell, who he called "a stupid person."
In June, the Fed decided to keep interest rates at 4.25-4.5 percent even though Trump repeatedly called for rate cuts.
In his statement that day, Powell noted that the rate hike imposed by the US this year could boost prices and affect all economic activity.
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