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The issue of the purpose and effectiveness of the Federal Reserve Bank of the United States has long been debated.
Could it be that President Trump and Treasury Secretary Bessent are about to actually do something about it?
Treasury Secretary Scott Bessent on Monday suggested a review of the Federal Reserve that would go beyond the current controversy over building renovations and look at its overall function, reported CNBC.
“What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Bessent said during an interview on CNBC’s “Squawk Box.” “Has the organization succeeded in its mission? If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why has this happened.”
Trump has also looked at firing Fed Chairman Jerome Powell for cause. Powell has been criminally referred to the Department of Justice for cause.
“President Trump solicits a whole range of opinions and then makes a decision,” Bessent said when asked about a Wall Street Journal report that he had helped convince Trump to stay his hand on Powell. “So he takes a lot of inputs, and at the end of the day it’s his decision," added CNBC.
Show me in the constitution where the Fed Reserve is allowed.