"Scott Bessent used a Senate appearance to defend President Donald Trump's campaign to slash interest and raise tariffs. Treasury Secretary Scott Bessent has faced questions from the United States Senate about President Donald Trump's ongoing campaign to slash interest rates, despite concerns that such a move could turbo-charge inflation. Bessent appeared on Thursday before the Senate's Financial Stability Oversight Council. There, he received a grilling from Democrats over rising consumer prices and concerns about Trump's attempts to influence the Federal Reserve, the US central bank."
"One of his early clashes came with Senator Elizabeth Warren, who sought answers about a report in The Wall Street Journal that indicated Trump joked about suing his nominee for the Federal Reserve chair, Kevin Warsh, if he failed to comply with presidential demands. Mr Secretary, can you commit right here and now that Trump's Fed nominee Kevin Warsh will not be sued, will not be investigated by the Department of Justice, if he doesn't cut interest rates exactly the way that Donald Trump wants? Warren asked. Bessent evaded making such a commitment. That is up to the president, he replied."
Treasury Secretary Scott Bessent defended President Trump's push for lower interest rates and higher tariffs during a Senate Financial Stability Oversight Council appearance. Senators pressed Bessent about risks to rising consumer prices and concerns over presidential attempts to influence the Federal Reserve. Senator Elizabeth Warren pressed him on a report that Trump joked about suing Fed nominee Kevin Warsh if he did not comply; Bessent declined to commit that Warsh would not face legal or DOJ action. Trump named Warsh to succeed Jerome Powell and has advocated drastically lower interest rates, while the federal rate stands around 3.6 percent.
Read at www.aljazeera.com
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