US Treasury Secretary Scott Bessent reaffirmed that the Federal Reserve must remain independent, even as he admitted it has made “a lot of mistakes.”

Speaking near Washington, he defended President Trump’s dismissal of Fed Governor Lisa Cook, who faces mortgage fraud allegations, insisting the move was not an attempt to take control of the central bank. Bessent said the Fed’s structure prevents any administration from “stacking the board,” adding that markets remain stable with stocks at record highs, according to Reuters.

He argued Cook should resign if the accusations are proven and urged the Senate to quickly confirm Stephen Miran as interim head of the Council of Economic Advisers following Adriana Kugler’s resignation.