Treasury Secretary Scott Bessent is taking aim at both the Federal Reserve and the rules the Fed enforces as a supervisor of big banks but making it clear he doesn't think Fed chair Jerome Powell needs to step down immediately.

U.S. Treasury Secretary Scott Bessent said the Federal Reserve's vital independence on monetary policy is threatened by its "mandate creep" into non-policy areas and he called on the U.S. central bank to conduct an exhaustive review of those operations.

Treasury Secretary Scott Bessent on Monday suggested a review of the Federal Reserve that would go beyond the current controversy over building renovations and look at its overall function.