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OMB Director Vought Asked: Is Trump 'Undermining' Federal Reserve's Independence Amid Powell Feud?
Forbes Breaking News
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4 days ago
On Sunday, OMB Director Russell Vought spoke to CNN's Jake Tapper.
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00:00
Federal Fed officials met this week to set interest rates Trump the president
00:04
has said that he believes Powell will quote do the right thing and lower
00:07
interest rates soon if Powell does not lower interest rates will President
00:12
Trump be tempted to fire him and can he well I think the president's been very
00:17
clear about that he says he has no intention of firing the Fed chairman he
00:20
is putting his viewpoints out there with regard to what interest rates should be
00:24
which is dramatically lower than where they are and of course we were up there
00:28
visiting the renovations and kind of getting a firsthand look ourselves for
00:33
the extent to which has been mismanaged it's a host of issues with regard to
00:36
the Fed they've gone negative in terms of a profit loss over the last several
00:41
years we don't get those remittances into the federal Treasury we we believe on a
00:46
host of fronts Chairman Powell has been too late and the president is doing what
00:50
the president should do which is get out there and articulate the views on behalf
00:54
of the American people do you not have any concerns with all this back and forth
00:58
and I realize it's not unprecedented for a president to speak about what they want
01:02
in terms of the interest rates although this is probably taking it to a new level
01:07
but do you not have any concerns with all this back and forth about firing Powell
01:10
about the concept or the perception of undermining the independence of the Fed
01:15
which therefore could then undermine confidence that global investors have in
01:21
the United States as you know the idea of an independent federal bank is an
01:24
important part of that no in fact I think the patience that the president has
01:28
demonstrated towards chairman Powell is an is in fact a defense of that
01:33
independence you had secretary Besson out there talking about the independence of
01:37
the Fed but we also have to articulate the views of the American people and the
01:41
president with regard to needing lower interest rates and not having a largest
01:46
monstrosity on the National Mall so there's a lot of things that need to
01:50
occur again the Fed isn't independent with regard to its regulatory affairs it's
01:54
supposed to go through the cost benefit analysis that all so-called independent
01:58
agencies go through they are not doing that and so these are the kinds of things
02:02
we have to do to make sure these issues are understood and made aware to the
02:06
country
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