Treasury Secretary Scott Bessent suggested on Monday that the government could open an investigation into the Federal Reserve, which has drawn President Donald Trump’s wrath for refusing to lower interest rates.

He has faced criticism from the White House and their Republican allies in Congress for his lack of interest in cutting rates, as well as a pricey renovation of the Fed’s headquarters. The central bank’s Federal Open Market Committee is set to meet at the end of this month to consider whether or not to cut rates — something they declined to do at their last meeting,

Federal Reserve Chair Jerome Powell is under fire from the White House, which accuses him of bungling a yearslong renovation of the Fed's headquarters and has suggested that it could be cause to fire him.