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Besant defends Trump in firing Cook: The independence of the Fed stems from political arrangements.
On August 27, Jin10 reported that U.S. Treasury Secretary Basent defended Trump's latest move against the Fed a day after Trump announced the firing of Fed Governor Cook. "The independence of the Fed comes from a political arrangement between it and the American public. Public trust is its only source of credibility," Basent said during a Cabinet meeting at the White House on Tuesday. "And you, Mr. President, are restoring trust in the government. You are eliminating waste, fraud, and corruption; the old ways of doing things are no longer sufficient."