7/21/2025–|Last update: 19:54 (Mecca time)
US Treasury Secretary Scott Besent said today, Monday, that the entire Federal Reserve (the Central Bank) needs to review its work as an institution and whether it is successful or not.
In an interview with CNBC, Besent refrained from commenting on a report that he advised President Donald Trump not to dismiss the President of the US Central Bank, Jerome Powell, saying that the decision was due to the president.
But he said that the institution should be reviewed, pointing to what he called “raising fear about customs duties” although its inflationary effect is very small or not mentioned since its application.
He added: “I think that what we need to do is to review the entire Federal Reserve Foundation and whether it is successful,” adding that he will deliver a speech in the central bank this evening at the beginning of an organizational conference.
Trump has repeatedly criticized Powell and urged him to resign because the central bank relies on reducing interest rates.
In the past few days, the president has also targeted the process of renewing the bank’s headquarters in Washington, as a cost of $ 2.5 billion, which exceeds the budget, indicating that there may be fraud and may be a reason to overthrow the Powell.
Powell said last week to the Trump administration officials to obtain information about exceeding the expected cost, saying that the project was widespread and included a number of safety -related improvements and removal of dangerous materials.
