Sweeping changes coming to the Fed

(CNN)– Big changes could be coming to the world’s most powerful central bank, the Federal Reserve.

Treasury Secretary Scott Bessent last week made it clear that the Trump Administration intends to shake up the fed, just as it has done with the rest of the federal government.

Last month, President Trump promoted board member Michelle Bowman as a vice chair on the Central Bank’s Board of Governors.

She is widely expected to slash banking regulations and make them simpler.