(MENAFN) US Treasury Secretary Scott Bessent has urged a comprehensive evaluation of the Federal Reserve, raising concerns about whether the central bank has truly accomplished its objectives given the “many mistakes” he alleges it has committed.

Though Bessent refrained from identifying particular missteps, he criticized the Fed’s resistance to President Donald Trump’s trade tariff policies.

He referenced previous statements by Fed Chair Jerome Powell, who cautioned that such tariffs might elevate both inflation and unemployment levels.

“What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Bessent said during an interview with a news agency on Monday.

He compared the situation to the Federal Aviation Administration, stating that if such an agency encountered numerous failures, it would warrant a thorough investigation.

However, he did not elaborate on what the inquiry would entail or who would oversee it.

“There was fear-mongering [by the Fed] over tariffs and thus far we’ve seen very little if any inflation,” Bessent added. He then questioned the contributions of Federal Reserve staff, remarking, “All those PhDs over there, I don’t know what they do.”

In April, President Trump introduced a 10% tariff on the majority of U.S. trading partners, imposing even higher rates on countries such as China, Mexico, Canada, and the European Union. Additional, more selective tariffs followed, with more reportedly in the pipeline.

Trump presented these tariffs as a method to secure improved trade agreements, revitalize domestic manufacturing, safeguard employment, reduce the trade gap, and finance tax cuts.

While some international partners responded with resistance and certain tariffs were temporarily halted, most nations have since begun negotiations for tariff exemptions and fresh trade deals.

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