Bessent Says Powell Attending Supreme Court Hearing Is ‘Mistake’

Treasury Secretary Scott Bessent criticized Federal Reserve Chair Jerome Powell over his plans to attend a Supreme Court hearing regarding the president’s attempt to dismiss a central bank governor.

“I actually think that’s a mistake, because if you’re trying not to politicize the Fed, for the Fed chair to be sitting there trying to put his thumb on the scale is a real mistake,” Bessent said Tuesday in an interview with CNBC on the sidelines of the World Economic Forum in Davos, Switzerland.

Bessent’s comments come ahead of a Supreme Court hearing scheduled for Wednesday over President Donald Trump’s effort to oust Fed Governor Lisa Cook. Powell plans to attend the court hearing, according to a person familiar with the situation, who discussed the matter on condition of anonymity.

Earlier: Fed’s Powell Plans to Attend Cook’s Supreme Court Hearing

Scott Bessent in Davos on Jan. 20.

Photographer: Markus Schreiber/AP Photo

Powell’s appearance has taken on new significance on the heels of grand jury subpoenas from the Justice Department threatening a criminal indictment over renovations to the central bank’s Washington headquarters and testimony from Powell to Congress about the work. Powell has accused the president of a power grab and said that at stake was whether interest rates would be based on “political pressure or intimidation” instead of economic conditions.

While the subpoenas mark a dramatic escalation of the administration’s attacks on the central bank, it was just one in a series of actions and comments from the president targeting the Fed, including his bid to dismiss Cook. Trump ordered her dismissal in late August, citing unproven allegations of mortgage fraud that Cook has denied.

She challenged the attempted ouster in court, and the Supreme Court declined to let Trump proceed while her lawsuit moves through the legal system.

Asked about the Cook case during a Dec. 10 press conference, Powell at the time chose not to respond.

“We’re not legal commentators. It’s before the courts,” he said.

To contact the reporter on this story:
Skylar Woodhouse in Washington at swoodhouse15@bloomberg.net

To contact the editors responsible for this story:
Justin Sink at jsink1@bloomberg.net

Meghashyam Mali, Magan Crane

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