“What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Treasury Secretary Bessent said this week on CNBC.

“If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why this happened.”

He’s absolutely right.

If history showed repeated serious mishaps under the FAA’s watch, would we simply tweak a few protocols—or would we re-evaluate the entire flight control system?

Now apply that same logic to America’s economic infrastructure.

For decades, financial oversight has been treated as untouchable. Agencies grow in response to the last crisis, but no one goes back to ask whether the structure itself still works. The Federal Reserve, SEC, FDIC, and the alphabet soup of financial watchdogs operate in silos—duplicating efforts, sending mixed market signals, and often working at cross purposes. No CEO would run a company this way.

Congress’s recent passage of the bipartisan GENIUS Act proves that when lawmakers prioritize clarity and innovation, reform is possible. But digital assets are just one node in a bloated and fragmented system. The problem isn’t crypto—it’s institutional drift.

Every major reform has been a response to the last crisis. The SEC emerged after the........

© Independent Journal Review