Ahead of US Fed Chair Jerome Powell’s scheduled speech, Treasury Secretary Scott Bessent has called for a comprehensive review of the Federal Reserve. In an interview with CNBC, Bessent stated that there is a need to assess whether the Federal Reserve has been successful in fulfilling its mandate.

"What we need to do is examine the entire Federal Reserve institution and whether they have been successful," Bessent told CNBC's Squawk Box.

An examination of the Fed is necessary to determine why members have proved unable to “break out of a certain mindset,” Bessent said.

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.