Trump’s Pressure Campaign on Federal Reserve Intensifies
“This is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions—or whether instead monetary policy will be directed by political pressure or intimidation,” Powell says in the video.
The latest subpoenas issued are part of the Trump administration’s ongoing pressure campaign to influence Powell to lower interest rates, resign, or be fired.
Powell, who has served at the Fed under four administrations, reaffirmed his commitment to his role, stating that he will continue to serve with integrity and dedication to the American people.
Shortly after taking office, Trump began pressuring Powell to lower interest rates. In July, he even mentioned the possibility of firing him. However, the focus has since shifted to finding a reason to dismiss Powell “for cause”, with attention drawn to the renovation of the Federal Reserve building.
In a separate incident, Trump attempted to fire Fed Governor Lisa Cook in August, accusing her of mortgage fraud. Despite an investigation by the DOJ, Cook successfully contested the allegations in court. The case is now set to be heard by the Supreme Court on Jan. 21.
Amidst the pressure campaign, Fed Governor Adriana Kuglar resigned in August, while Fed Governor Raphael Bostic announced his retirement at the end of his term in February. President Trump has nominated Stephen Miran, his top economic advisor, to fill Kuglar’s seat.
For more updates on Trump’s ongoing battle with the Federal Reserve, visit the link here.