Trump's Fed Pick Bessent Denies Rate Promises, Blasts Fed as 'Adrift' in Confirmation Hearing

Gate News message, April 22 — Bessent, President Trump’s pick to lead the Federal Reserve, faced intense questioning during his confirmation hearing, where he repeatedly denied making any rate commitments to the president while launching sharp criticism of the central bank’s current direction.

Democratic Senator Elizabeth Warren called Bessent a “puppet on a string” for Trump, arguing that a Fed chair unwilling to displease the president on key matters would lack independence during critical moments. Bessent rejected the characterization but acknowledged the Fed has strayed from its core mission. He stated the central bank needs “fundamental policy reform,” including a new inflation framework, new tools, and improved communication strategies. When pressed on whether Trump ever sought rate commitments, Bessent declared: “The president has never asked me to predetermine, promise, set, or decide any interest rate decision in any of our conversations, and I would never agree to do so.”

According to reporting by Nick Timiraos of the Wall Street Journal, the tension over Fed independence dominated the hearing, with Democrats repeatedly returning to concerns about the institution’s autonomy under Trump’s influence.