Mnuchin Slams Financial Times, Calls Fed Reform Report 'Tabloid Gossip'

On March 27, the Financial Times (FT) previously reported that U.S. Treasury Secretary Mnuchin had discussed with market participants strengthening the Treasury Department’s oversight of the Federal Reserve by drawing on elements of the Bank of England’s model, a move that would upend the relationship between the Fed and the government. Currently, Trump is launching an unprecedented attack on the world’s most important central bank. Responding to this news, Mnuchin slammed the Financial Times, stating: “This is a complete fabrication, the FT has completely devolved into a tabloid for market participants. Despite my public and explicit denial that I have ever advocated, discussed, or supported the charter of the Chancellor of the Exchequer-Bank of England as a blueprint for the Treasury-Federal Reserve relationship, the FT reporters still produced a story titled ‘Mnuchin Praises Bank of England as Model for Strengthening Oversight of the Fed.’ These pathetic reporters have clearly fabricated a story intended to give the impression that I and the Trump administration are undertaking a restructuring of this relationship. At this time, President Trump is launching an unprecedented attack on the world’s most important central bank. In short, the FT has completely fabricated a completely false policy position for me and this administration. It is truly puzzling why they would damage their already tarnished journalistic credibility further, beyond promoting that malicious and false narrative of ‘institutional dysfunction and antagonism.’”