Treasury Secretary Scott Bessent on Friday called for a review of the Federal Reserve, arguing that it has strayed from its original core missions by taking on banking regulation.
The Federal Reserve was created as the United States’ central banking system in 1913, after a series of financial panics prompted government intervention. It consists of a panel of governors and 12 reserve banks located in major cities.
Bessent argued in an opinion piece for the Wall Street Journal that the core missions of the banking system are promoting full employment, stable prices and moderate long-term interest rates and that it has been distracted from these missions.
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