Federal Reserve Chairman Jerome Powell has found a haven on Capitol Hill President TrumpDonald John Trump: The controversial platform Gab blames the White House for not having invited it to social media. GOP summit senator: The United States should "re-evaluate" their long-term relationship with the Saudis Pelosi, reported Trump: "What's your name, my dear?" MOREThe incendiary attacks against the central bank and its leader.
In his consecutive appearances before congressional committees on Wednesday and Thursday, Powell was hailed by legislators from both parties amid growing criticism and threats by Trump over his work.
Powell, a Republican named for the first time in the Fed by former President Obama in 2012, enjoyed broad bipartisan support when Trump asked him to head the central bank in 2017. The President has since caught fire on its president, chosen by the Fed, accusing Powell to restrict the economy and hinder its commercial program.
Republicans are reluctant to denounce Trump when he tears Powell and lobbies the Fed for it to lower interest rates. Although few GOP lawmakers support Trump's attacks, most have accepted or defended the president's right to criticize the central bank.
But Powell himself received impressive support during his appearances Wednesday and Thursday before the finance committees of the House and Senate Banks, respectively.
Legislators praised Powell for leading the central bank with transparency and integrity, refuting Trump's claims that "we do not have a Fed that knows what it's doing".
"You did a remarkable job," Sen said. Pat ToomeyPatrick (Pat) Joseph ToomeyNSA mistakenly collected US telephone records in October. New documents indicate that the night defense: the selection of the South Korean envoy splits Trump on the nuclear threat | McCain: explosions will suspend Korean military exercises | White House defends Trump's salvation from North Korean general WH on Trump's remark on the respect of the lawfulness of firearms MORE (R-Pa.), One of the fiercest critics of the Fed's monetary policy after the crisis. "You have been able to normalize from this very strange experience, and we are here with terrible consequences."
Sen. Bob MenendezRobert (Bob) MenendezSenate adopts a bill on the .5B border, he is fighting with the Senate to vote in favor of blocking Trump's agreement on Saudi weapons as early as this week. There is a serious shortage of doctors and that will only worsen. (NJ), a Democratic member of the High Level Banking Committee, congratulated Powell for refuting Trump's repeated insistence that he could dismiss the president, even though the legal experts and Fed observers are not of this opinion.
"I do not always think the Fed will succeed. But our system is infinitely superior to the one where the president dictates interest rates, especially when we approach the elections, "Menendez said. "I think I speak on behalf of all my colleagues and say that we welcome your efforts to keep the Federal Reserve as an independent, non-partisan institution."
Powell is facing a problem of balance as he and the Fed seek to extend a record of economic growth: arguing for a potential reduction in interest rates while affirming the fact that the US economy is likely to continue to grow. bank independence from Trump.
Trump called on the Fed to lower interest rates and the bank to have raised them four times in 2018.
"We pay a lot of interest and it's useless, but we do not have a Fed that knows what it's doing," Trump said Friday.
Powell largely gave up on Trump's attacks while insisting that he would not leave the presidency if the president tried to fire him or demote him. His resilience earned him praise from lawmakers, even those who talk to Powell about politics.
representative Maxine WatersMaxine Moore WatersHillicon Valley: Trump Officials Investigate French Tax on Giants of Technology | Fed President worries about Facebook cryptographic project | FCC blocks part of San Francisco law on broadband competition | House members warn of Fed leader's "battle" of misinformation: Facebook encryption project raises "serious concern" for the economy (D-Calif.), Chair of the Financial Services Committee, set the tone on Wednesday by asking Powell what he would do if Trump asked him to step down.
After Powell replied, "Of course, I would not do that," Waters jokingly said, "I can not hear you," sparked laughter in the committee room and drew the President's smile. the Fed, often stoic.
"The law clearly gives me a four-year term and I intend to serve it well," added Powell.
"I hope everyone has heard that," replied Waters.
The next day, Toomey congratulated Powell on his statement that he would not leave the Fed until the end of his term, even as Trump floated to fire him.
"I'm happy to hear that's your conclusion, partly because I think it's important that the Fed stays out of political pressure," said Toomey. before commending Powell's efforts to bring interest rates back to a zero level at a neutral level.
Sen. Mark WarnerMark Robert WarnerRepublicans say they are satisfied with the security of the 2020 elections after classified briefings Senators are questioning EDS about the malfunctioning of election materials in North Carolina The former GOP representative is launching the Senate Campaign in Virginia MORE (D-Va.), A prominent moderator in the banking sector, said he was "proud" to be one of the 84 Senators voted to confirm Powell as president in January 2018.
And Sen. Richard ShelbyRichard Craig ShelbyThe Morning's Morning – The Senescence of 2020 Strikes the Two Parties in the Senate The GOP Worries About the Nightmarish Scenario for the Senate Primaries A Great Anxiety Strikes the Senate Facing the Rising Debt Ceiling AFTER (R-Ala.) Congratulated Powell on his "work to maintain the independence of the Federal Reserve of both parties".
"We salute you for that," said Shelby.
Powell's bipartisan appeal is largely due to his frequent visits to Capitol Hill and his open lines of communication. Legislators often say that Powell meets them much more often than his predecessors, and analyzes of his schedule corroborate this conclusion.
Powell can often be seen sneaking between meetings in the House and Senate, accompanied by a phalanx of security and a thick binder. A former Treasury official, Powell usually garners congressional support and is committed to wearing Capitol carpets by meeting with lawmakers.
Powell's moderate positions and his unique position as an appointed member of Obama and Trump have helped attract him to a wide range of lawmakers.
Powell voted at the same pace as his predecessor Democrat, former Fed president Janet YellenJanet Louise YellenNew bill to spur the job market, Powell told Congress that the Fed is preparing for the economic "damage" caused by climate change The Senate must resist the Nixon vision of the Fed by Trumpto keep interest rates low much later than many Republicans would have preferred. But he is also in favor of relaxing some Dodd-Frank financial rules, a long-standing Republican goal fiercely opposed by many Democrats.
"You are committed to realizing that this job and role required an independent chairman of the Fed, who would not be the subject of political lobbying or harangues," Warner said.
"I think you've stayed true to your weapons right now, but I want you to stay true to your guns."