Economics
Fed's Powell Says He Won't Leave If Trump Tries to Fire Him
- Chairman stresses importance of Fed independence in testimony
- Powell speaks to lawmakers after president steps up criticism
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Federal Reserve independence moved front and center in Congress Wednesday as Chairman Jerome Powell said he wouldn’t stand down from his job if President Donald Trump attempted to fire him.
House Financial Services Committee Chair Maxine Waters opened a semi-annual hearing on monetary policy by saying that central bank independence was the “elephant in the room’’ and added: “It is essential that the Federal Reserve maintains its independence from the executive branch.’’