He President of the United States, Donald Trumphe has pointed to the Reserva Federal (FED) causing a stir. Scott Besent, US Treasury Secretary, He has accompanied the criticisms of the entity and the measures taken. But it has made it clear that He does not believe that President Jerome Powell must resignaccording to David Hollerith en Yahoo Finance.
«There is nothing that tells me to resign right now,» Besent said Fox Business Tuesday. «His mandate ends in May. If he wants it to be fulfilled, I think he should do it. If he wants to leave before, I think he should do it.»
However, the Treasury Secretary increased pressure on Powell and the Fed with a Publication on Monday in Xin which he states that The renewal of the headquarters of the Central Bank should be reviewedvalued at 2.5 billion dollars, and their non -monetary policy operations.
He argued that «the significant deviation of mission and institutional growth have led Fed to areas that potentially endanger the independence of their main monetary policy mission.»
He published his comments the same day he intervened at the inauguration of a Fed Conference designed to review the capital framework that governs the big banks. This conference continues on Tuesday with Powell’s inaugural words.
At the conference, Besent made a separate call to «deeper reforms» of the regulations that govern the largest banks in the country, arguing that the «obsolete capital requirements» impose «unnecessary charges on financial institutions.»
Specifically, he suggested that regulators discard a proposed dual capital structure during the last administration, but never promulgated, describing it as «defective.»
«We need deeper reforms based on a long -term plan for innovation, financial stability and resilient growth,» Besent said.
Besent is among the candidates who are being considered to replace Powell as president of the Central Bank once his mandate expires in 10 months.
Trump and other White House officials have strongly criticized Powell and the Federal Reserve for the slowness of interest rateswithout any has been done so far in 2025, as well as for the Costs implying the renewal of 2.5 billion dollars of the Federal Reserve in its central offices complexlocated in the National Mall of Washington.
Besent joined this choir on Monday
«While I do not know the legal basis of the massive renovations of the building that are being carried out in Constitution Avenue, the decision of an institution that reports should be reviewed operational losses of more than $ 100,000 million annually to undertake such a project, «Besent said in his Monday publication in X.
Trump has considered saying goodbye to Powell and Besent has urged him not to do so, according to The Wall Street Journal. Powell has repeatedly declared that he intends to complete his mandate as president and that his dismissal is not allowed by law.
In his comments on Monday about X, Besent expressed his support for the independence of Fed in monetary policy, stating that autonomy is «a treasure that must be protected» and that the independence of Fed «is a cornerstone of the continuous growth and economic stability of the United States.»
However, the White House has also expressed its desire for a greater control On the Fed operations beyond monetary policy, including the supervision of the largest banks in the country.
Earlier this year, Besent announced that it would coordinate a wide review of financial regulation, with the aim of facilitating loans to banks as a way of promoting the US economy. And he reiterated on Monday that the treasure would play a central role.
«The department will break the political inertia, will resolve territorial disputes, promote consensus and promote the action to ensure that no regulator hinders the reform,» Besent said about the treasure.
«We need deeper reforms based on a long -term plan for innovation, financial stability and resilient growth,» Besent added
American regulators have already proposed one of the most drastic reductions of bank capital standards since the financial crisis of 2008, lasting last month their intention to modify the so -called Implemented Supplementary Leverage Rat (ESLR).
Banks have complained that this ratio penalizes them to keep active at least risk, such as treasure bonds.
«Its elimination should simplify bank capital management and this will reduce costs and help banks manage their capital levels more effectively,» he said The TD Securities analyst, Jaret Seibergin a research note published on Tuesday morning.
«Even with the proposal to reduce this leverage ratio, the big banks would continue to be subject to their risk weighted by risk,» said Seiberg.
«This is not going to suppose a substantial capital relief for banks,» Seiberg said.
There could be more regulatory changes for large banks
Michelle Bowman, the main bank regulatory of the Fed designated by Trumphe declared in a speech last month that the review of the ESLR requirement is only the beginning of broader considerations about the reduction of capital.
«There is much to do about capital requirements, especially to consider its evolution and if the changes in market conditions have revealed problems that must be addressed,» Bowman concluded.