Scott Bessent Says It's Time to Review the Federal Reserve: 'I Don't Know What They Do'

Here is what a treasury secretary is supposed to do: work to demystify what is being done with Americans' money, answer why Wall Street and the Fed do what they do, and why it should matter to us. If anything remains a financial mystery, it's what happens at the Federal Reserve. Does Fed Chairman Jerome Powell and his over 2,300 staffers use spreadsheets, market trends, an abacus, or tea leaves to set rates? Because from the financial novice or illiterate (raising my hand), their decisions come off as arbitrary, political, or both.

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As opposed to the former Treasury Secretary Janet Yellen, who maintained the status quo and pontificated on abortion and climate change instead of actual finances, it is heartening to know that Treasury Secretary Scott Bessent sees what the rest of us see. Bessent appeared on CNBC's "National Report" and stated he had plans to review the role of the agency and whether it still has any relevance in how the American economy works. Bessent said, "What we need to do is examine the entire Federal Reserve institution and whether they have been successful."

If the past four years are any indication, they have not. Under the Biden administration, the Federal Reserve worked to deny that inflation was happening at all, then that it wasn't really harming American capital and productivity.

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Under the Trump administration, the Federal Reserve is now demonizing the gains made through tariffs and lowered inflation while actively working to stall the progress of the administration policies. So, if a successful businessman and financial mind like Bessent holds the same viewpoint as Joe and Jill American, then it helps us to see that we are not as dumb as the prior administration thought we were.

WATCH:

🚨 BREAKING: Treasury Secretary Scott Bessent demands a THOROUGH REVIEW of the "ENTIRE Federal Reserve System."

YES. Audit the Fed.

"All these PhDs over there, I don't know what they do!"

"What we need to do is examine the entire Federal Reserve institution, and whether they… pic.twitter.com/MZYVGG2ay6
— Eric Daugherty (@EricLDaugh) July 21, 2025

There was fearmongering over tariffs and thus far we have seen very little, if any inflation. We've had great inflation numbers. So, you know, I think this idea of them not being able to break out of a certain mindset. You know, all these PhDs over there, I don't know what they do.

Wow. If Bessent is unclear, imagine how the rest of us feel.

Which brings to mind a PhD joke:

Q: What's the difference between a PhD in mathematics and a large pizza?
A: A large pizza can feed a family of four.

If Bessent has his way, I suspect that some of those PhDs will be looking for a new grift. Bessent is anything if not thorough in his work. So, expect some DOGE-level analysis to happen with the Federal Reserve and exposure on the agency's usefulness—or lack thereof. We could see the elimination of the Fed in our lifetime. We know that Sen. Rand Paul (R-KY) would be fully on board, and so would every American who wants the voodoo economics surrounding their finances and tax dollars to come to an end.

Editor’s Note: Thanks to President Trump’s leadership and bold policies, America’s economy is back on track.

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