[ad_1]
The main Fox Business Flash titles are here. Find out what clicks on FoxBusiness.com.
US President Joe Biden said on Tuesday he had not spoken to Federal Reserve Chairman Jerome Powell, pointing out that the central bank was an independent agency.
GET FOX BUSINESS ON THE ROAD BY CLICKING HERE
“I think the Federal Reserve is an independent operation and at the start of my presidency I want to be very clear that I will not do the kinds of things that were done in the last administration,” Biden told reporters. .
Biden still has significant leeway to make his mark on the Fed. Powell’s term comes next February, when Biden can choose to extend his term, and there is an empty seat on the Fed’s board of governors.
Biden has already withdrawn the appointment of Judy Shelton by former President Donald Trump to take the seat.
JANET YELLEN, TESTIMONY OF JEROME POWELL OF FED ON COVID-19 RELIEF, ECONOMY
The Fed was designed to retain some independence from politicians in setting interest rates and other key policies.
Trump has openly opposed Powell, whom he appointed, threatening to fire him repeatedly for not keeping rates low enough. The Fed ultimately lowered rates near zero percent, where it held them as the economy weathered the COVID-19 pandemic.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
Biden closely coordinated economic policy with Treasury Secretary Janet Yellen, herself a former Fed chairman and colleague of Powell. When asked about Powell, Biden mentioned that he spoke with Yellen on a regular basis.
(Reporting by Trevor Hunnicutt and Jarrett Renshaw; Editing by Leslie Adler)
[ad_2]
Source link