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Biden says he has not spoken with Fed Chair Powell

PoliticsApr 06, 2021 05:10PM ET
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3/3 © Reuters. FILE PHOTO: Senate Banking Committee hearing on Capitol Hill, Washington 2/3

WASHINGTON (Reuters) -U.S. President Joe Biden said on Tuesday he has not spoken to Federal Reserve Chair Jerome Powell, noting the central bank is an independent agency.

"I think the Federal Reserve is an independent operation and 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," Biden told reporters.

Biden still has significant room to make his mark on the Fed. Powell's term is up next February, when Biden can choose to extend his appointment, and there is an empty seat on the Fed's Board of Governors.

Biden already withdrew former President Donald Trump's nomination of Judy Shelton to fill that seat.

The Fed was designed to keep a degree of independence in setting interest rates and other key policies from politicians.

Trump clashed openly with Powell, whom he appointed, threatening to fire him multiple times for not keeping rates low enough. The Fed eventually lowered rates near zero percent, where it has kept them as the economy weathered the COVID-19 pandemic.

Biden has closely coordinated economic policy with Treasury Secretary Janet Yellen, herself a former Fed chair and colleague of Powell's. When asked about Powell, Biden mentioned that he speaks regularly with Yellen.

Biden says he has not spoken with Fed Chair Powell
 

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Comments (5)
Evgeny Syrtsov
Evgeny Syrtsov Apr 07, 2021 12:54AM ET
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Who cares what biden says? He is a puppet.
Tre Hsi
Tre Hsi Apr 07, 2021 12:54AM ET
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you seem to care enough to leave a comment here......
Connecticut Yankee
A_Jaundiced_Eye Apr 06, 2021 10:06PM ET
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Powell to be re-nominated?  A White man? He's toast.
Roger Miller
Roger Miller Apr 06, 2021 9:28PM ET
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Why would they need to speak when they both agree that the government should spend their way out of the economic downturn caused by the government response to the pandemic. Fed officials have been encouraging the government to spend, basically implying they’ll have their back and will print as much as needed. Change of tune for Powell from when Trump had to cajule him to oil up the printer.
President Xi Jinping
President Xi Jinping Apr 06, 2021 9:28PM ET
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Youre the type of person that believes other people should suffer so you can feel better about yourself arent you?
kerem basar ozsahin
kerem basar ozsahin Apr 06, 2021 5:32PM ET
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This man is ruining the economy nasdaq drops min 500 points whenever it appears on the news I listened him 9 times last month repeats the same things.If he show up on news just play put options every kind of stock no matter will down
ben sc
ben sc Apr 06, 2021 5:00PM ET
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Would Biden actually know if he had though? "That guy that runs that outfit..."
 
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