WASHINGTON (AP) — Chair Jerome Powell said Wednesday that the Federal Reserve’s ability to set interest rates free of political interference is necessary for it…
Chair Jerome Powell said Wednesday that the Federal Reserve’s ability to set interest rates free of political interference is necessary for it to make decisions to serve “all Americans” rather than a political party or a specific outcome.
Speaking at at New York Times’ DealBook summit, Powell spoke in response to a question about President-elect Donald Trump’s numerous public criticisms of the Fed and of Powell himself.
“We’re supposed to achieve maximum employment and price stability for the benefit of all Americans and keep out of politics completely,” Powell said.
The Fed chair said he was confident of widespread support in Congress for maintaining the central bank’s independence.
“I’m not concerned,” he said, “that there’s some risk that that we would lose our statutory independence.
