The Trump administration has often criticized the Federal Reserve.
In a wide-ranging interview on the CBS show 60 Minutes, Federal Reserve Chairman Jerome Powell said President Donald Trump does not have the power to remove him from his position.
Pelley then pressed him to clarify his answer asking, “So no, in your view?” to which Powell responded: “No.” In the 60 Minutes interview, Pelley asked Powell whether he thought raising interest rates four times last year had been a mistake—a move that resulted in the president branding the Fed as “crazy” and “out of control.” Traditionally presidents do not publicly criticize the Fed in this manner.
“My duty is one that Congress has given us, which is to use our tools to achieve maximum employment and stable prices and to supervise and regulate banks so that they treat their customers fairly and so that they're strong, well-capitalized and can perform their critical function in good times and bad,” Powell said. “That's my job. And I think for me to get into responding to any elected official would be a distraction from that job.
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