‘Why Not Have A Little Sunlight?’: Bessent Walks Welker Through Why The Fed Can Be Independent And Still Accountable

Treasury Secretary Scott Bessent told NBC’s Kristen Welker on Sunday’s “Meet the Press” that the Federal Reserve can be independent from the administration, but still be subject to oversight actions such as investigations.

The Department of Justice (DOJ) revealed Jan. 11 that the United States Attorney’s Office for the District of Columbia opened a criminal investigation into Federal Reserve Chairman Jerome Powell. Pressing Bessent on the probe, Welker asked if President Donald Trump is committed to maintaining the independence of the Federal Reserve.

“Of course he’s committed to the independence of the Federal Reserve. But independence does not mean no oversight,” Bessent said.

Welker pushed back, asking Bessent if the probe into the Fed’s ongoing headquarters renovations “undercut the independence” while noting renovations at the White House.

“The renovations at the White House are not the 700 million, more than a billion, a billion five, over budget, Kristen. And the White House— that is being paid for with private funds. If I wanna buy a new chair for my office at Treasury, that is an appropriation,” Bessent responded. “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?”

“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,” Bessent added. “They went unanswered.”

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