\n<\/p>\n
Treasury Secretary Scott Bessent delivered a scathing response to The Financial Times after the outlet published a story \u2014 which he labeled \u201cexplicitly false\u201d \u2014 about his plans for the future of the Federal Reserve.<\/p>\n
The Financial Times<\/a> headline read, \u201cScott Bessent praised Bank of England as model for tighter oversight of Federal Reserve.\u201d An X post promoting the piece followed the same general theme: \u201cU.S. treasury secretary Scott Bessent discussed tightening the US Treasury\u2019s oversight of the Federal Reserve by adopting elements of the Bank of England\u2019s model.\u201d<\/p>\n Bessent objected in a lengthy X post<\/a> of his own, explaining that as recently as 2025, he had written a comprehensive (6,000+ words<\/a>) analysis of potential reforms for the Federal Reserve, and that he had never adopted a stance supporting a move toward the Chancellor-Bank of England statute for the relationship between the Treasury and the Federal Reserve.<\/p>\n \u201cBy publishing this explicitly false story, the @FT has officially become tabloid trash for market participants,\u201d Bessent began, noting that he had gone on the record denying the premise of the story. \u201cDespite my direct, on-the-record denial of ever having advocated, explored, or espoused the idea that Chancellor-Bank of England statute serving as a prototype for a Treasury-Federal Reserve relationship, FT journalists manufactured a story with the headline, \u2018Scott Bessent praised Bank of England as model for tighter oversight of the Federal Reserve.’\u201d<\/p>\n \u201cThese pathetic journalists have clearly fabricated a story to give the impression that both I and the Trump Administration are setting \u2018about restructuring the relationship \u2026 at a time when President Donald Trump has launched an unprecedented assault on the world\u2019s most important central bank,’\u201d Bessent continued, referring to the story as a \u201cmendacious assertion\u201d backed only by anonymous \u201cfinancial industry executives.\u201d<\/p>\n \u201cIn short, FT has literally manufactured an entirely fake policy position for me and the Administration,\u201d Bessent said. He went on to say that he didn\u2019t understand why The Financial Times would go ahead with such a story \u2014 which he said could only further damage their credibility as journalists \u2014 unless their sole priority was to paint a picture of discord and division in President Donald Trump\u2019s administration.<\/p>\n \u201cOver the past 10 years, I have written more than 20,000 words opining on the Federal Reserve decisions, personnel, structure, and modifications. Nowhere have I ever mentioned this ridiculous notion,\u201d Bessent added. \u201cThe Governor\u2019s letters to the Chancellor have proven to be a useless and perfunctory device. There is much to be said about the storied Bank of England, but any recreation of its operating framework on this side of the Atlantic has never been contemplated.\u201d<\/p>\n Bessent concluded with one last shot at The Financial Times, saying, \u201cThe shameful journalists and editors at the FT are shocking in their meretriciousness, lack of standards, and general intellectual libertinism. It is the worst tradition of Fleet Street to manufacture news rather than report on it. They have brought irredeemable shame to their parent organization, Nikkei Inc., with whom I had previously held excellent relations.\u201d<\/p>\n