Gate News reports that on March 27, the Financial Times (FT) previously reported that U.S. Treasury Secretary Yellen had discussed with market participants the possibility of adopting elements from the Bank of England model to strengthen the U.S. Treasury’s oversight of the Federal Reserve. This move would disrupt the relationship between the Fed and the government. Yellen strongly denied this, criticizing FT as a “gossip tabloid” and calling the report “completely false.” In response, Yellen stated that although she has publicly and clearly denied advocating, exploring, or supporting using the UK Treasury-Bank of England framework as a model for the U.S. Treasury-Fed relationship, FT still fabricated the story. Yellen accused FT reporters of inventing the story, creating a “completely false policy stance” for her and the Trump administration, and questioned why FT would further promote the false narrative of “systemic dysfunction and opposition,” damaging its own journalistic credibility.
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