They aim to have the president play a role in setting interest rates. Trump said he thinks he has the authority to fire the Federal Reserve chair.I sure was appalled at how bad an idea it was. A president’s got a lot of
— Lawrence H. Summers (@LHSummers) August 9, 2024
things to do at any given moment and is actually much less close
to the economy than the 19 Fed board members and presidents. https://t.co/UuHrM1p3VE
He also offered some new criticism of Federal Reserve Chairman Jerome Powell, saying Powell and his colleagues have “gotten it wrong a lot.” Trump acknowledged a rocky relationship with Powell, whom he elevated to Fed Chair in 2018.Vance backs Trump on the notion the president should have a say in interest rates
— Gram Slattery (@G_Slattery) August 11, 2024
Calls it a “fundamentally political” decision
https://t.co/EOmtQNxpwT
The President and the Senate of the United States can and should influence the monetary policy rule, through appointments. But meeting-to-meeting monetary policy decisions should be left to the Fed. Rightly blame any departure for serious future inflationhttps://t.co/qMAQ0SYFbM
— Miles Kimball (@mileskimball) August 10, 2024
He often weighed in to pressure Powell to lower rates while he was president and even contemplated firing Powell before deciding against it. Republican vice presidential nominee JD Vance supported Trump’s suggestion that presidents should have more control over U.S. monetary policy. Vance said, “The political leadership of this country should have more say over the monetary policy of this country.” Bank of America CEO Brian Moynihan raised concerns about such a major change. He suggested that economies with independent central banks tend to perform better. Vance also addressed Minnesota Gov. Tim Walz’s military record. Walz, who served 24 years in the Army National Guard, once referred to carrying weapons “in war,” though he never served in an active war zone. The Harris campaign clarified that Walz misspoke. Vance dodged questions about his position on an upcoming Florida referendum that would repeal Republican-passed abortion restrictions.More political control over monetary policy superficially seems bad, but this is gold. https://t.co/BGC8W9DTDM pic.twitter.com/4tQTpvohOL
— Tom Davidoff (@TomDavidoff) August 11, 2024