Federal Reserve Independence

(Reuters) – The Federal Reserve should stay independent, Trump’s pick to be U.S. Treasury Secretary told a Senate panel on Thursday.

“I think on monetary policy decisions, the FOMC should be independent,” Scott Bessent told the U.S. Senate Finance Committee, referring to the Fed’s monetary policy-setting panel, the Federal Open Market Committee.

“President Trump is going to make his views known,” Bessent said, just as senators do when they disagree with what the Fed does with interest rates, but the notion that Trump believes he should have influence over Fed’s policymaking by being in the room is “highly inaccurate.”