Bessent says Federal Reserve's independence comes from 'political arrangement'
Treasury Secretary Scott Bessent, at Tuesday's Cabinet meeting, briefly spoke about the Federal Reserve.
"The Federal Reserve's independence comes from a political arrangement, between itself and the American public. Having the public's trust is the only thing that gives it credibility. And you, sir, are restoring trust to government," Bessent said as he was called on by Trump to speak.

The comments came one day after Trump said he was removing Federal Reserve Governor Lisa Cook from her post over unproven allegations of mortgage fraud. Cook pushed back, saying Trump doesn't have the authority to fire her and that she is not resigning.
The standoff, which is likely bound for the Supreme Court, is the latest effort by Trump's administration to exert greater control over what Congress intended to be an independent agency insulated from political interference.







