Biden breaks with Trump and says he'll stick up for Federal Reserve's independence
- Biden said he wanted to break with Trump in sticking up for the
Federal Reserve's independence.
- "I want to be real clear that I'm not going to do the kinds of things that have been done in the last administration," Biden said.
- While he was in office, Trump pressured Fed Chair Powell against raising interest rates.
"Starting off my presidency, I want to be real clear that I'm not going to do the kinds of things that have been done in the last administration - either talking to the attorney general about who he's going to prosecute or not prosecute ... or for the Fed, telling them what they should and shouldn't do," he said at a White House news conference."I think the Federal Reserve is an independent operation," he said, adding he does speak with
Trump furiously tried pressuring Powell from raising interest rates while the
"Given the low level of interest rates, there's no issue about the United States being able to service its debt at this time or in the foreseeable future," he told NPR recently. Powell, a Trump nominee, has also downplayed the inflation risks stemming from the $1.9 trillion stimulus package.Powell's term as Fed chair expires in 2022, and Biden must decide whether to keep him onboard.
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