Scott Bessent believes the investigation into Jerome Powell is probably because of the chairman's 'inability to manage construction effectively'

U.S. Treasury Secretary Comments on Powell Investigation

Scott Bessent, the U.S. Treasury Secretary, stated on "Kudlow" Friday that the investigation involving Federal Reserve Chairman Jerome Powell may stem from issues related to mishandling of construction projects. Bessent remarked, "I have no expertise in construction, and it appears that few at the Federal Reserve do either." Authorities have initiated a criminal inquiry to assess whether Powell misrepresented the extent of renovation work at the Fed’s Washington headquarters during his testimony to Congress. The Department of Justice has indicated the possibility of criminal charges in connection with Powell’s statements to the Senate about the renovations. Although Bessent admitted he is not fully informed about the details of the case, he suggested that construction mismanagement could be at the heart of the matter.