Bessent Calls Powell’s Supreme Court Attendance a ‘Mistake’
Treasury Secretary Scott Bessent has voiced strong criticism regarding Federal Reserve Chair Jerome Powell’s decision to attend a Supreme Court hearing. This hearing pertains to the president’s effort to remove a long-standing central bank governor.
Bessent’s Critique of Powell’s Supreme Court Attendance
Bessent articulated his concerns during an interview with CNBC, held on the sidelines of the World Economic Forum in Davos, Switzerland. He described Powell’s appearance at the hearing as a “mistake.”
The Importance of Fed Independence
Bessent emphasized the need for the Federal Reserve to maintain its independence from political influences. He stated, “If you’re trying not to politicize the Fed, for the Fed chair to be sitting there trying to put his thumb on the scale is a real mistake.”
Context of the Supreme Court Hearing
- Event: Supreme Court hearing regarding presidential authority over the Federal Reserve.
- Date: Discussed during the World Economic Forum, held in January 2023.
- Location: Davos, Switzerland.
Bessent’s remarks highlight ongoing concerns about the relationship between the Federal Reserve and political leadership. His position underscores the importance of an unbiased central bank in maintaining economic stability.
