The uprooting of waste, fraud, and abuse by the Trump administration has made its way to the Federal Reserve and potential ethics violations of myriad board members, according to Treasury Secretary Scott Bessent.
"The Fed is now losing $100 billion a year – $100 billion with no accountability," Bessent told Newsmax's "Rob Schmitt Tonight" last week when asked about the investigation opened into Federal Reserve Chair Jerome Powell. "We had the worst inflation in 49 years.
"And we'll see what the tally ends up being, but a very good chance that we will have had ethics violations over the past — four to six of the regional presidents or governors.
"And there needs to be some accountability."
Notably, the Federal Reserve has enshrined independence, but unlike the actually democratically elected U.S. president — beholden to checks and balances with the legislative and judicial branches of the government — Bessent suggested the unelected bureaucrats at the Fed have averted accountability, all with the power of just printing money and setting interest rates and monetary policy for Americans.
"The Federal Reserve occupies a unique spot in the American governmental process," Bessent lamented to host Schmitt last Wednesday. "They have no supervision, they have no accountability.
"And I think that we will look at this and think of a couple of things on Chair Powell's watch."
Bessent went on Sunday's shows, too, to share more condemnation and warnings for Powell and the Fed run amok in America.
"Of course, he's committed to the independence of the Federal Reserve, but independence does not mean no oversight," Bessent told NBC News' "Meet the Press," referring to President Donald Trump's pressing of Powell and lower interest rates.
Host Kristen Welker was backed down by Bessent in her attempt to conflate the White House ballroom construction with the massively over-budget Federal Reserve building renovations.
"The renovations at the White House are not $700 million, more than $1 billion or $1.5 billion over budget, Kristen, and the White House, that is being paid for with private funds," Bessent shot back.
"If I want to buy a new chair for my office at Treasury, that is an appropriation. Just to understand, the Federal Reserve has magic money. They print their own money. So when you have no oversight, why not have a little sunlight?
"Kristen, I have called since last summer for the Fed to do its own internal investigation. And that has not been heeded, not been heeded.
"And again, I don't know about you. If I were to receive inquiries from the Justice Department, I would answer them. They went unanswered."
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Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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