U.S. Treasury Secretary Basant: The Fed should maintain its independence, but it has also made many mistakes.

[U.S. Treasury Secretary Basent: The Fed should remain independent, but it has also made many mistakes] U.S. Treasury Secretary Basent said on Monday that the Fed is now and should remain independent, but also pointed out that the institution has "made many mistakes" and defended President Trump’s right to dismiss Fed Governor Lisa Cook on the grounds of mortgage fraud allegations. Trump has been criticizing the Fed and its Chairman Jerome Powell for months for failing to cut interest rates, and recently took aim at Powell regarding the expensive renovation of the central bank's headquarters in Washington. "The Fed should remain independent. The Fed is indeed independent, but I think they have also made many mistakes," Basent said in an interview at a restaurant in the Washington suburbs.