U.S. Treasury Secretary Backs Fed Chair Amid Criticism

U.S. Treasury Secretary Besent has publicly supported Federal Reserve Chair Powell amid ongoing criticism from officials in the Trump administration. Besent stated there is no reason for Powell to step down, noting his term ends in May next year. In an interview with Fox Business on Tuesday, Besent remarked, "There are no signs he should resign now. If he wants to see his term through, he should. If he wishes to leave early, that's also acceptable."
For months, Powell has faced criticism from U.S. President Donald Trump for maintaining steady interest rates, amid concerns about the inflationary impact of the government's tariff increases. Additionally, some Republicans have recently opposed a costly renovation plan for a Federal Reserve building, raising further scrutiny.
On Monday, Besent called for an internal review of the Fed's non-monetary activities, including the renovation project. He emphasized, "There is a real opportunity for him now, which will define his legacy—to rationalize the Fed's non-monetary policy functions."