Treasury Secretary Scott Bessent has publicly praised the Bank of England as a potential model for reforming the Federal Reserve's governance structure. His comments have sparked debate about whether the UK central bank's framework offers advantages over the current US system. The BoE, founded in 1694, pioneered modern central banking concepts including banknotes and acting as lender of last resort.

Since 1997, the BoE has operated with operational independence while pursuing inflation-targeting mandates set by the Chancellor. This structure contrasts sharply with the Fed's current arrangement, where the central bank sets its own interpretation of price stability and reports to Congress. Market observers note that under the BoE model, the Treasury maintains significant influence through annual remit-setting and direct appointment of key officials.

Critics argue the BoE's framework provides fewer checks against political interference than the Fed's current system. While the BoE governor is nominally appointed by the monarch, the Chancellor effectively controls appointments to the Monetary Policy Committee. The Treasury also retains theoretical power to direct monetary policy under Section 19 of the Bank of England Act 1998, though this provision has never been invoked in practice.