U.S. Treasury Secretary Scott Bessent defended President Donald Trump's removal of Federal Reserve Governor Lisa Cook, saying the central bank has "made a lot of mistakes" even as he stressed its independence, according to a Reuters interview.
Speaking to Reuters, Bessent argued that allegations of mortgage fraud against Cook warranted scrutiny and suggested she should resign if they prove true.
"She hasn't said she didn't do it. She's just saying the president can't fire her. There's a big difference," Bessent told Reuters.
Cook, the first Black woman to serve on the Fed Board, was dismissed last week after Federal Housing Finance Agency head William Pulte accused her of misrepresenting multiple properties as primary residences. Cook denies wrongdoing and has sued Trump and the Fed, claiming her removal was unlawful and politically motivated.
Trump has repeatedly criticized Chair Jerome Powell for not cutting rates more aggressively and for costly renovations at the Fed's headquarters. Still, Bessent dismissed concerns over market fallout, pointing to record S&P 500 levels and stable bond yields, Reuters said.
Source: Investing.com
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