Not afraid of Trump’s threat to expel the chairman of the American Association

US Federal Reserve Board President Jerome Powell said today that even if President Trump tries to fire him, he will not leave his position.

The reporter asked if if Trump wants him to leave, what is his response, Paul, who dares to resist the authority, replies: “I will not do this. My answer is no.” He said that the law “clearly gave me 4 years.” During my tenure, I plan to be full.”

Trump repeatedly attacked Bauer and the Fed to raise interest rates, saying that the Bid will pose a threat to the US economy, and that the Fed’s policy is to pull him off and weaken his efforts to boost the economy.

When President Larry Kudlow, the main economic adviser to President Trump, was asked yesterday if Paul’s position was protected, he said at the CNBC Capital Exchange: “There is no action to lift his position. I can now be clear. Say, yes, he is safe.”

The Washington Post reported that Kodlow said: “Let me make it clear that there is no such thing as changing Mr. Bower’s position.”

The Fed should be independent of politics, representing the leaders of the Fed should make the best decisions for the long-term economic future of the United States, rather than migrating to short-term political interests. The chairman of the Fed is nominated by the President and has been approved by the Federal Senate for a four-year term. Trump had appointed Bauer to take up this position, but he later regretted his choice.

Bauer insists that he does not think his position can be lifted before the 2020 term expires, but Trump said there may be legal loopholes to downgrade Bauer and let him be transferred to the board of directors.

Kodlow defended Trump’s criticism of the Fed’s position and thought it was a good suggestion. Kodlow said that the US unemployment rate has fallen to its lowest level in half a century and does not seem to trigger inflation, so it should cut interest rates.

Kodlow said: “The Fed should be independent, but the word “independence”, I mean, does not mean that it is operating from another planet. This does not mean that they should not listen to the opinions of their elders.”

Trump recently stated that he intends to nominate conservative scholar Judy Shelton and economist Christopher Waller to fill the last two vacancies of the seven members of the Fed. Both Shelton and Waller supported a rate cut.

Kodlow said that there is no shortage of candidates to fill the position of the Fed. However, none of the four candidates previously nominated by Trump were approved by the Republican Senate, which is controlled by the Republican Party.

Credit : https://www.cna.com.tw/news/aopl/201907110020.aspx

comment closed