U.S. Treasury Secretary Scott Bessent has called for a comprehensive review of the Federal Reserve, saying the central bank’s structure and operations should be examined "from top to bottom" to ensure it is fulfilling its core mission. In a July 21 interview with CNBC, Bessent said "we need to examine the entire Federal Reserve institution," adding that such scrutiny should extend beyond the recent dispute over the cost of building renovations and encompass the Fed’s broader authority and effectiveness. Bessent expanded on his concerns in a Fox Business appearance on July 24, warning that some Federal Reserve activities "could impact monetary independence" and asserting that the central bank’s "footprint has become too big." He urged the Fed to "get back to the basics" of price stability and maximum employment. The remarks make Bessent the most senior U.S. official to question the breadth of the Fed’s operations in recent years, setting up a potential policy debate with Chair Jerome Powell and the central bank’s board. The Federal Reserve has not publicly responded to Bessent’s comments.