Core Viewpoint - The article highlights the criticism from U.S. Treasury Secretary Mnuchin towards the Federal Reserve, emphasizing concerns over its independence due to its expanded functions and the use of non-standard policies [1][2]. Group 1: Criticism of the Federal Reserve - Mnuchin argues that the Federal Reserve's overreach in its responsibilities has jeopardized its credibility and political legitimacy, calling for a comprehensive review of the institution [1][2]. - The article indicates that the Trump administration's criticism of the Federal Reserve has escalated, questioning not only the need for interest rate cuts but also the overall operational model of the Fed [1][3]. Group 2: Call for Independent Review - Mnuchin demands an honest, independent, and non-partisan review of the entire Federal Reserve, including its monetary policy, regulation, communication, staffing, and research [3]. - He expresses anticipation for a response from the Federal Reserve regarding his call for an internal review, emphasizing that good management is achieved through action rather than mere discussion [3]. Group 3: Regulatory Framework Concerns - Mnuchin criticizes the Dodd-Frank Act for significantly expanding the Federal Reserve's regulatory scope, which he believes has blurred the lines between monetary and fiscal policy [4]. - He suggests a more coherent framework where the FDIC and OCC lead bank regulation while the Federal Reserve focuses on macro monitoring, lender of last resort liquidity, and monetary policy [4]. Group 4: Monetary Policy Experimentation - Mnuchin compares the Federal Reserve's new operational model to an uncontrolled experiment, indicating that the unconventional monetary policy tools released post-2008 financial crisis have altered the Fed's policy framework with unpredictable consequences [5][6]. - He cites the Fed's failure to accurately predict GDP growth, highlighting a significant overestimation of over $1 trillion in GDP during the recovery period [6]. Group 5: Inequality and Quantitative Easing - The article discusses Mnuchin's criticism of the quantitative easing (QE) policies post-2008, arguing that they disproportionately benefited asset owners and exacerbated wealth inequality [7]. - He points out that while large corporations benefited from low-cost debt, younger and less affluent families were left behind, suffering the most from inflation and missing out on asset appreciation opportunities [8]. Group 6: Employment Data and Federal Reserve Accountability - The article notes that the recent non-farm payroll report showed only 22,000 jobs added in August, significantly below expectations, leading to further blame directed at the Federal Reserve from Trump administration officials [9]. - Trump and other officials assert that the Fed's high-interest rates are hindering economic growth and that a reconsideration of policy is necessary in light of the weak employment data [10].

紧跟美国总统特朗普，美国财政部长贝森特也猛批美联储。在外界越发质疑特朗普开除联储理事威胁联 储独立性之际，贝森特反过来指责联储，认为是这些年联储自身的问题导致独立性岌岌可危。 美东时间5日周五，媒体发布署名贝森特的专栏文章，文章严厉批评美联储因"职能扩张"而将自身独立 性置于危险境地，并呼吁对美联储进行独立的全面审查。这是特朗普政府高官对美联储发起的最新一轮 攻势。 贝森特在文章中指出，美联储超越其法定范围的职责扩张损害了联储自身的信誉与政治合法性。非标准 政策的过度使用、使命蔓延和机构臃肿威胁着央行的独立性。文章写道： "独立性的核心在于信誉和政治合法性。美联储的扩张超越了其职权范围，这两者都受到了 威胁。" 贝森特的批评呼应了特朗普的立场。本周五公布的8月美国非农就业报告显示经济疲软后，特朗普立即 再次点名批评美联储主席鲍威尔，称他"早就该降息"，行动总是太迟。 贝森特的专栏文章标志着，特朗普政府对美联储的批评升级，不再是单单要求降息，还在质疑美联储的 整体运作模式和作为独立性的基石。 要求全面审查美联储 贝森特在专栏中，认为非标准政策的过度使用、职能扩张和机构臃肿都威胁到联储作为央行的独立性。 他首次明 ...