Scott Bessent warns the Federal Reserve is losing $100B/year with ‘no accountability.’ Here’s the problem and what to do

Bessent, however, insists that Fed independence should not come at the expense of transparency or oversight — particularly for an institution with the power to create money.Powell has blasted the move as a “pretext” designed to pressure the Fed into lowering interest rates, arguing it undermines the central bank’s long-standing independence (5).Bessent’s comment came after the Department of Justice launched a criminal investigation into Powell, issuing grand jury subpoenas to the Fed that threaten a possibl ...