Former Federal Reserve Chair Jerome Powell warned Sunday that efforts to politicize the central bank could undermine public confidence in the institution. “If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,” he said while accepting the John F. Kennedy Profile in Courage Award in Boston. “The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.” Mr. Powell’s term as Fed chair ended May 15 amid an unprecedented push by the Trump administration to influence monetary policy, including launching a criminal investigation into Mr. Powell and seeking the remov
Former Federal Reserve Chair Jerome Powell warned Sunday that efforts to politicize the central bank could undermine public confidence in the institution. “If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well,” he said while accepting the John F. Kennedy Profile in Courage Award in Boston. “The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.” Mr. Powell’s term as Fed chair ended May 15 amid an unprecedented push by the Trump administration to influence monetary policy, including launching a criminal investigation into Mr. Powell and seeking the removal of Fed Governor Lisa Cook. “Democratic institutions take much time, effort and patience to build but can be torn down all too quickly,” Mr. Powell said. “It is essential that we preserve what is good about these institutions, even as we strive to improve them.” #jeromepowell #federalreserve #fed #cspan ♬ original sound - C-SPAN
