Fed Chairman Has No Plans to Meet Donald Trump

Fed Chairman Has No Plans to Meet Donald Trump 1

Jerome Powell, Chairman of the Federal Reserve, has said that he would not resign even if President Donald Trump asked. In the past few months, president Trump has repeatedly criticized Powell and the Federal Reserve for continuing with their tightened monetary policy.

He went as far as saying in a Fox Business interview that the Fed is the “biggest threat” to the economy. The President has also asked his advisers if he can have Powell fired.

Trump hired Powell to succeed Janet Yellen in 2017. The move strayed from the norm. Chairmen often serve multiple terms. While the President appoints the Fed Chairman, the Federal Reserve remains an independent agency. The President cannot fire the Chairman over policy disagreements. Doing so can send markets into a tailspin.

Steve Mnuchin Claims President Never Wanted to Fire Powell

Late last month, Treasury Secretary Steve Mnuchin, who was also in support of Powell’s appointment, tweeted that Trump had never had it in mind to fire Powell. Neither does he believe the president had the power to go through with it.

Powell fired back Friday. He said he has no plans to leave his job, even if asked by Donald Trump to do so.

When asked on Friday during a panel at a conference the American Economics Association along with former Federal Reserve chairmen Ben Bernanke and Janet Yellen, he simply replied, “No.”

Powell confirmed that neither Donald Trump nor his aides have contacted him or expressed displeasure. He doesn’t have any plans to meet with Trump. Yet, there are rumors of a planned meeting between the former investment banker and the President. The hope is to alleviate animosity.

However, speaking with moderator Neil Irwin, Powell said:

“Meetings between presidents and Fed chairs do happen, but nothing’s been scheduled.”

Monetary Policy Is Not Political

Ben Bernanke and Janet Yellen highlighted the significance of isolating monetary policy decisions from political influences. To them, it ensures the soundness of these decisions and assures investors.  Presidents Richard Nixon and Lyndon Johnson influenced their Fed chairs. More recent presidents have chosen to refrain from commenting on policy decisions.

Yellen said, “Obviously, the president has the right to comment on the Fed. But I would worry that if it continues or intensifies, it could undermine confidence in the Fed.”

Powell also reiterated that the Fed would continue to function without being swayed by any politician’s comments, including those of the President.

The Fed raised interest rates in December, even in the midst of signs that the global economy might be slowing down, it has signaled that it might consider making changes in 2019.

Featured image from Shutterstock.

Advertisement

About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

E-Crypto News Executive Interviews

Crypto Scams

Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
Beanstalk Farms Loses $80M In A Massive DeFi Governance Flash-Loan Hack
April 23, 2022
Prove
Joon Pak Head of Crypto at Prove talks to Us about Crypto Fraud And More
April 11, 2022
Mintable
Mintable CEO Zach Burks Talks to Us about the Opensea Stolen NFTs and Their Recovery
March 21, 2022
Crypto Crime
Crypto Crime Surges To Record Highs As Thieves Follow Market Buzz – Chainalysis 2022 Report
February 24, 2022
Bots Circumvent 2FA Login At Coinbase And Other Crypto Exchanges In 2022
Bots Have Circumvented 2FA Logins At Coinbase And Other Crypto Exchanges In 2022
February 17, 2022

Automated trading with HaasBot Crypto Trading Bots

Blockchain/Cryptocurrency Questions and Answers

Russia
Roundtable Interview-What is the Effect of The Russia-Ukraine War on Cryptocurrency Prices?
March 4, 2022
GamStop
How Does Bitcoin Casino Work + 2021 Beginner’s Guide
November 8, 2021
Cryptocurrency
How to Buy and Sell Cryptocurrency
November 8, 2021
What Are Bitcoin Futures And How Will They Work In 2022?
November 4, 2021
Ethereum
The Unconventional Guide to Ethereum
October 28, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin29,350 0.34 % 1.02 % 2.01 %
Ethereum1,819.7 1.62 % 6.96 % 4.99 %
Tether1.001 0.12 % 0.06 % 0.07 %
USD Coin0.9989 0.16 % 0.08 % 0.04 %
BNB308.79 0.42 % 5.53 % 7.13 %
XRP0.3929 0.03 % 3.13 % 3.34 %
Binance USD1.002 0.08 % 0.16 % 0.01 %
Cardano0.9566 0.22 % 0.68 % 6.96 %
Solana44.10 0.40 % 8.90 % 11.38 %
Dogecoin0.07844 1.21 % 6.44 % 6.61 %

bitcoin
Bitcoin (BTC) $ 29,494.00
ethereum
Ethereum (ETH) $ 1,835.58
tether
Tether (USDT) $ 0.999868
usd-coin
USD Coin (USDC) $ 1.00
bnb
BNB (BNB) $ 309.93
xrp
XRP (XRP) $ 0.393264
binance-usd
Binance USD (BUSD) $ 1.00
cardano
Cardano (ADA) $ 0.484078
solana
Solana (SOL) $ 44.19
dogecoin
Dogecoin (DOGE) $ 0.078687