Senator Elizabeth Warren has expressed concern that President Donald Trump may try to fire Federal Reserve Chairman Jerome Powell as a pretext for his dissatisfaction with the central bank’s independence. The Massachusetts Democrat, who has long been critical of Powell’s approach to monetary policy, warned that Trump is seeking an excuse to remove him from office before his term expires in May.
Warren cited recent criticism from Trump allies Russell Vought and Kevin Hassett, who have questioned Powell’s handling of federal construction projects, including a $3.1 billion renovation project at the Federal Reserve’s headquarters. However, Warren believes this is just a smokescreen for Trump’s genuine desire to undermine the Fed’s independence.
The senator pointed out that Trump has repeatedly clashed with Powell over interest rates, calling him “a stupid person” and criticizing his stance on tariffs. In contrast, Warren supports reducing interest rates, which she blames squarely on Trump’s trade policies.
Warren defended Powell’s independence and expertise, saying she believes in transparency and better oversight for the Fed but opposes Trump’s attempts to undermine it. She also expressed frustration that Trump is interfering with the Fed’s ability to set monetary policy, which could have far-reaching consequences for the economy.
Source: https://www.independent.co.uk/news/world/americas/us-politics/elizabeth-warren-trump-powell-fed-exit-b2795561.html