Somers said that the US Treasury Secretary has the right to question the Federal Reserve for "overreaching."

Summers supports US Treasury Secretary Scott Bernt's questioning of the Fed's expansion beyond monetary policy, saying that some areas are not related to the broad independence of central banks. "History tells us that the Fed should autonomously and independently set interest rates and determine how much fuel to inject into the economy," said Summers, former Secretary of the Treasury and chair of the White House National Economic Council. "When the political process interferes, the result is worsening inflation, decreasing economic stability, and ultimately rising interest rates. This lesson is obvious." Bernt has repeatedly stated that monetary policy should be treasured in the so-called "jewelry box." He called on the Fed on Monday to conduct a "comprehensive internal review" of its non-monetary policy operations. He said on Fox Business on Tuesday that this effort could become Chairman Jerome Powell's "legacy." Summers said he does not believe the Fed has "autonomy" in financial regulation and stability management. "Of course, the judgments of political officials should influence those matters," he said. Summers also said, "There is no basis for the Fed to be completely autonomous and independent in these areas."