‘Why Not Have A Little Sunlight?’: Bessent Walks Welker Through Why The Fed Can Be Independent And Still Accountable

Treasury Secretary Scott Bessent told NBC’s Kristen Welker on “Meet the Press” on Sunday that the Federal Reserve can be independent of the administration, while still being subject to oversight measures such as investigations.

The Department of Justice (DOJ) revealed on January 11 that the U.S. Attorney’s Office for the District of Columbia had opened a criminal investigation against Federal Reserve Chairman Jerome Powell. Pressing Bessent on the investigation, Welker asked whether President Donald Trump was committed to maintaining the independence of the Federal Reserve. (RELATED: Bill O’Reilly Signals ‘Big Problem’ for Trump After DOJ Investigation of Jerome Powell)

“Of course he is committed to the independence of the Federal Reserve. But independence does not mean absence of oversight,” Bessent said.

Welker countered, asking Bessent whether the investigation into ongoing renovations at Fed headquarters “undermined independence” while also pointing to renovations at the White House.

“The renovations at the White House are not 700 million, over a billion, a billion and five, over budget, Kristen. And the White House, that’s privately funded. If I want to buy a new chair for my office at Treasury, that’s an appropriation,” Bessent responded. “Just to understand, the Federal Reserve has magic money. They print their own money. So when you have no oversight, why not have a little sunshine?”

“I have been asking since last summer for the Fed to conduct its own internal investigation, and it has not been heard. Not heard. And again, I don’t know about you, if I were to receive requests from the Department of Justice, I would respond to them,” Bessent added. “They remained unanswered.”

In July 2025, Florida Republican Rep. Anna Paulina Luna formally referred Powell to the DOJ to investigate perjury allegations related to the $2 billion-plus headquarters renovation project. Originally approved by the Board of Governors in 2017, the cost of the headquarters renovation ballooned by about $700 million, from about $1.9 billion to $2.5 billion.

The Fed attributed the rising costs both to the pandemic that drove up prices for steel, cement and other materials, and to some of the work also going underground, according to the Washington Post. Trump officials, however, accused the Fed of including VIP dining rooms and elevators, which Powell denied, the Post reported.

In response, Powell called the investigation an “unprecedented action” that should be viewed “in the broader context of the administration’s continued threats and pressure.”

“It’s a question of whether the Fed will be able to continue to set interest rates based on evidence and economic conditions, or whether monetary policy will instead be driven by political pressure or intimidation,” Powell said. “I served at the Federal Reserve under four administrations, Republican and Democratic.”

“In every case, I have carried out my duties without fear or political favor, focusing solely on our mandate of price stability and maximum employment. Public service sometimes requires standing firm in the face of threats. I will continue to do the job the Senate confirmed me to do, with integrity and a commitment to serving the American people,” Powell added.

Prior to Luna’s formal referral, Trump and Powell faced major tensions over lower interest rates, with the president calling it quits on several occasions. Despite the disagreement, Trump told reporters in April 2025 that he had “no intention” of firing the president. Although Powell’s presidency ends in May 2026, he will have two years remaining as governor on the board.

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