Treasury Secretary Scott Bessent says the Trump administration’s campaign to root out waste, fraud, and abuse has expanded to the Federal Reserve, where potential ethics violations by multiple senior officials are now under review.
Appearing last week on Newsmax’s “Rob Schmitt Tonight,” Bessent criticized the central bank’s financial performance and lack of accountability while discussing an investigation involving Federal Reserve Chair Jerome Powell. “The Fed is now losing $100 billion a year – $100 billion with no accountability,” Bessent said. “We had the worst inflation in 49 years.
“And we’ll see what the tally ends up being, but a very good chance that we will have had ethics violations over the past — four to six of the regional presidents or governors.
“And there needs to be some accountability.”
Bessent contrasted the Fed’s structure with that of the presidency, arguing that while the Federal Reserve prides itself on independence, it operates without the same checks applied to elected officials. He suggested that unelected officials wield enormous power over monetary policy without sufficient oversight, even as they control money creation and interest rates.
“The Federal Reserve occupies a unique spot in the American governmental process,” Bessent told Schmitt last Wednesday. “They have no supervision, they have no accountability.
“And I think that we will look at this and think of a couple of things on Chair Powell’s watch.”
Bessent continued his criticism during appearances on Sunday talk shows, again warning about what he described as a lack of restraint and transparency at the central bank.
“Of course, he’s committed to the independence of the Federal Reserve, but independence does not mean no oversight,” Bessent said on NBC News’ “Meet the Press,” referring to President Donald Trump’s pressure on Powell to lower interest rates.
During the interview, host Kristen Welker attempted to draw a comparison between construction work at the White House and renovation costs at the Federal Reserve, a comparison Bessent rejected outright.
“The renovations at the White House are not $700 million, more than $1 billion or $1.5 billion over budget, Kristen, and the White House, that is being paid for with private funds,” Bessent responded.
He went on to argue that the Fed’s financial autonomy demands greater transparency. “If I want to buy a new chair for my office at Treasury, that is an appropriation. Just to understand, the Federal Reserve has magic money. They print their own money. So when you have no oversight, why not have a little sunlight?
“Kristen, I have called since last summer for the Fed to do its own internal investigation. And that has not been heeded, not been heeded.
“And again, I don’t know about you. If I were to receive inquiries from the Justice Department, I would answer them. They went unanswered.”
{Matzav.com}It is with great sadness that Matzav.com reports the petirah of Rav Shlomo Mordechai Hager zt”l, a distinguished talmid chochom, descendant of renowned Chassidic dynasties, and a respected figure in the Crown Heights neighborhood of Brooklyn. He was 96.
Reb Shlomo Mordechai was a descendant of the Kossov–Savron lineage and was known throughout Crown Heights for his exceptional brilliance and encyclopedic knowledge of Torah.
The levayah is being held at the Shomrei Hadas Funeral Home on 14th Avenue in Borough Park, proceeding to Montefiore Cemetery in Queens for kevurah.
Reb Shlomo Mordechai was born in Yerushalayim. His father was a grandson of the Savroner Rebbe, Rav Moshe Tzvi of Savron, and he was also a grandson of the Toras Chesed of Lublin. The sandek at his bris was Rav Avrohom Yitzchok Kook.
In his youth, Reb Shlomo Mordechai studied for many years at Yeshiva Torah Vodaas in Brooklyn. He also developed a close kesher with Rav Aharon Kotler, who held him in great esteem.
During a period living in Eretz Yisroel, Reb Shlomo Mordechai spent 16 years learning at Kollel Chazon Ish in Bnei Brak. He later settled in Crown Heights, where he continued his lifelong dedication to Torah study, earning a reputation as an extraordinary illui and a master of Torah.
In recent years, Reb Shlomo Mordechai drew public attention after sending a letter to Donald Trump, who responded with a personal letter expressing appreciation for his words and offering support. Reb Shlomo Mordechai also met with Mike Johnson, the Speaker of the U.S. House of Representatives.
Reb Shlomo Mordechai is survived by his family and descendants. His son is philanthropist Reb Yitzchak Meir Hager.
Yehi zichro boruch.
{Matzav.com}
Dear Matzav Inbox,
There has been an avalanche of criticism — videos, emails, posts, and commentary — aimed at Eli Stefansky over his Daf Yomi AI rap video and some of the antics that have found their way into his (pre-game) shiur. The tone of much of it has been harsh, dismissive, and, at times, deeply unfair.
But the truth, as it so often is, does not live at the extremes. It lives somewhere in the middle.
On the one hand, the criticism is not entirely baseless. The AI gimmicks, the games, the entertainment factor … at a certain point, it does cross a line. When silliness becomes part of a shiur, something precious risks being diluted. We are not dealing with a talent show or a late-night comedy sketch. We are learning the heilige Gemara, the words of Abaye v’rava, Ravina and Rav Ashi. This is the beating heart of Torah Shebaal Peh. This isn’t color war.
And yet — and this is the part that so many critics refuse to acknowledge — you cannot argue with success. Eli Stefansky has brought an untold number of people into Torah learning. People who were disconnected. People who never opened a Gemara. People who felt that Daf Yomi was beyond them. He doesn’t just teach Torah. He made it accessible, exciting, and alive for thousands. That matters. A lot.
To dismiss that because the style is not to everyone’s taste is unfair.
At the same time, success brings responsibility. When you are influencing that many people, the “ramah” (level) has to rise. A shiur cannot feel like a circus. Energy is good. Passion is good. Creativity can be powerful. But dignity matters too. Torah deserves reverence, not just reach.
So yes, the pile-on has gone too far. The attacks have been excessive, personal, and at times mean-spirited. But it is also fair to say that say that Eli now needs to elevate the tone, tighten the boundaries, and remind everyone — himself included — that while Torah can be engaging, it must always remain sacred.
Criticism without appreciation is cruel. Innovation without restraint is dangerous. The balance between the two is hard, but it is exactly where true growth happens.
Wishing Eli hatzlacha. I know he’ll do the right thing.
A Daf Learner
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