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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.<\/p>\n
\u201cWhat we need to do is examine the entire Federal Reserve institution and whether they have been successful,\u201d Bessent said during an interview on CNBC\u2019s \u201cSquawk Box<\/a>.\u201d \u201cHas 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.\u201d<\/p>\n The comments come amid an intensifying conflict<\/a> between the White House and the central bank.<\/p>\n Last week saw conflicting reports over whether President Donald Trump<\/a> was preparing to fire Fed Chair Jerome Powell<\/a>. Reports from the White House indicated a move was forthcoming<\/a>, but Trump soon after denied he is readying what would be a legally questionable move.<\/p>\n Bessent has been at the center of the controversy, both as a potential successor<\/a> at the Fed as well as reports pointing to the Treasury chief as a mediator looking to discourage Trump from ousting Powell.<\/p>\n \u201cPresident Trump solicits a whole range of opinions and then makes a decision,\u201d Bessent said when asked about a Wall Street Journal report<\/a> that he had helped convince Trump to stay his hand on Powell. \u201cSo he takes a lot of inputs, and at the end of the day it\u2019s his decision.\u201d<\/p>\n Trump has demanded the Fed<\/a> dramatically lower its benchmark overnight borrowing rate, something that appears unlikely regardless of the chair.<\/p>\n