Washington DC - Treasury Secretary Scott Bessent called Friday for an "independent, nonpartisan review" of the Federal Reserve, criticizing its expanded mission and arguing that there are risks to its independence.

"At the heart of independence lies credibility and political legitimacy. Both have been jeopardized by the Fed's expansion beyond its mandate," Bessent wrote in an opinion piece published by the Wall Street Journal.

He called for the Fed to "re-establish its credibility" as an institution focused only on its statutory mandate of maximum employment, stable prices, and moderate long-term interest rates.

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His comments come as President Donald Trump's administration ramps up pressure on the central bank, seeking to influence the institution on interest rates.

Trump also recently moved to fire a Fed governor, which critics worry is an attempt to exert further control over the institution.

Among other issues, Bessent took aim Friday at the Fed's regulatory role over banks.

"The Fed now regulates, lends to and sets the profitability calculus for the banks it oversees, an unavoidable conflict that blurs accountability and jeopardizes independence," Bessent wrote.

Instead, he argued that the Fed should be left to focus on "macro surveillance, lender-of-last-resort liquidity and monetary policy."

Other regulators, such as the Federal Deposit Insurance Corp andthe Office of the Comptroller of the Currency, he added, should in turn be empowered to lead bank supervision.

"Unconventional policies such as quantitative easing should be used only in true emergencies, in coordination with the rest of the federal government," Bessent wrote.