Ex-US Fed Chair Powell warns against politicisation amid Trump’s attacks
Summary
Jerome Powell, the former Chair of the US Federal Reserve, warned about the dangers of political interference in the central bank’s decisions during President Donald Trump’s criticism of the Fed. Powell emphasized the importance of the Fed’s independence to maintain trust and support a stable economy.Key Facts
- Jerome Powell recently stepped down as Chair of the Federal Reserve but remains a member of its Board of Governors.
- Powell spoke against politicizing monetary policy amid President Trump’s repeated attacks on the Fed’s independence.
- The US Congress designed the Fed to operate without political pressure to protect its credibility.
- Powell said removing Fed officials over policy differences would harm public trust in the central bank.
- He received the 2026 John F. Kennedy Profile in Courage Award for his stance.
- President Trump previously threatened Powell with dismissal over interest rate decisions.
- Trump also attempted to remove Fed governor Lisa Cook without proof of wrongdoing; the Supreme Court blocked her removal pending legal review.
- The Federal Reserve Act requires proven cause, such as misconduct, to remove Fed governors.
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