US Treasury Secretary says no immediate need for Fed Chair to resign

There is no need for Federal Reserve Chairman Jerome Powell to resign immediately, US Treasury Secretary Scott Bessent said today, July 22.

In an interview with Fox Business, Bessent said that the legacy of the Fed Chair should conduct an “exhaustive internal review of its non-monetary policy operations.”

His comments followed earlier call for a thorough feasibility study of US President Donald Trump’s decision to renovate the Federal Reserve’s headquarters in Washington—a project that recently came under scrutiny and sparked public criticism.

He wrote in a post on X platform that, while he has no knowledge of or opinion on the legal basis for the extensive renovation projects underway at the Fed buildings, the decision should be closely pondered.

This is especially given that the institution is incurring annual operating losses exceeding $100 billion, Bessent further stated.