Treasury Secretary Scott Bessent assured that President Donald Trump remains committed to the independence of the Federal Reserve, while defending the need for accountability by the central bank.

Independence Does Not Mean ‘No Oversight’

“Of course he’s committed to the independence of the Federal Reserve,” Bessent said, while appearing on NBC News’ “Meet The Press” on Monday, while adding that “independence does not mean no oversight.”

Bessent defended the Justice Department's ongoing investigation into alleged budget overruns tied to the central bank's Washington, D.C, headquarters renovation, saying, “the Federal Reserve has magic money, they print their own money,” which requires stronger oversight.

He also said that he has been asking the central bank to “do its own internal investigation” since last summer, which he said was ignored, while also ...