Trump's assaults on the Federal Reserve's independence must cease. BankThink - American Banker Newspaper.
At a July 8 cabinet meeting, President Donald Trump launched a fresh barrage of attacks on Federal Reserve Chairman Jerome Powell over his handling of interest rates, claiming Trump's team could "do a better job than him," accusing Powell of lying to Congress and calling for his resignation. The president even suggested that Powell acted to benefit the Biden-Harris campaign by speeding up rate cuts under Trump's predecessor, and slow-walking them now. "He's always late with me, not with Biden," Trump said, implying that Powell's monetary policy decision-making was politically motivated. The truth is as follows: Mr. Powell has a documented history of nonpartisan behavior when it comes to monetary policy, most recently displayed on June 24th during testimony before the House Financial Services Committee. Maintaining a nonpartisan stance, the Fed chair refused to make any comments about either Trump or the administration's fiscal policy. Of course, ...