Bessent Says Fed Lacks Accountability and Has Lost Public Trust
Bessent Says Fed Lacks Accountability and Has Lost Public Trust
In a House committee hearing, the Treasury secretary declined to say if the president has the power to fire a member of the central bank’s board.
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Truth Analysis
Analysis Summary:
The article presents a claim about Treasury Secretary Bessent's testimony regarding the Federal Reserve. While the snippet provided is limited, the claim about the power to fire a Fed board member is potentially misleading. The article exhibits moderate bias by focusing on a controversial aspect of the hearing without providing broader context.
Detailed Analysis:
- Claim: Treasury secretary declined to say if the president has the power to fire a member of the central bank’s board.
- Verification Source #2: CNBC reports that 'President Trump has no authority to remove Federal Reserve Governor Lisa Cook' and that 'The Fed said it 'will abide by any court decision' on the matter.'
- Assessment: The claim is potentially misleading. While the Treasury Secretary may have declined to answer directly, other sources indicate the President's power to fire a Fed member is limited or nonexistent. Source 2 directly contradicts the implication that the President has such power.
Supporting Evidence/Contradictions:
- Source 2: 'President Trump has no authority to remove Federal Reserve Governor Lisa Cook'