Jerome Powell on Fed reform: We are open to constructive criticism

Core Viewpoint - Treasury Secretary Scott Besson has raised concerns about the Federal Reserve's mission creep and institutional bloat, advocating for an independent review of the organization [1] Group 1: Federal Reserve's Structure and Employment - The Federal Reserve is currently undergoing a 10% reduction in headcount across the entire organization, including the board and all reserve banks [3] - Following this reduction, employment at the Federal Reserve will revert to levels seen over a decade ago, indicating zero job growth for more than ten years [4] - The Federal Reserve is open to constructive criticism and exploring ways to improve its operations, but it does not support the idea of an independent review [4]