10:26 AM EDT, 08/27/2025 (MT Newswires) -- Treasury Secretary Scott Bessent told Fox Business News Wednesday that the Federal Reserve needs to be subject to internal review, using the recent allegations against Fed Governor Lisa Cook as evidence that there are trust issues with the Fed.

Bessent said that President Donald Trump is trying to restore trust in institution, which Bessent said has strayed from its core monetary and banking supervision roles and into issues like climate change and diversity in hiring.

Trump announced that he was firing Cook in a post Monday evening that included a copy of a letter than he sent to Cook, referencing the need for Fed officials to be trustworthy.

Cook has denied the allegations that she committed mortgage fraud and said that she is pursuing legal action to stay in her position.