U.S. President Joe Biden said Tuesday he had not spoken to Federal Reserve Chairman Jerome Powell, noting the central bank was an independent body.
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“I think the Federal Reserve is an independent operation and it starts with my presidency. I really want to be clear that I will not do the things I did in the last administration,” Biden told reporters.
Biden still has significant areas to put a mark on the Fed. Powell̵7;s term will go up next February when Biden can choose to extend his appointment and have a seat on the Fed’s board of governors.
Biden has withdrawn former President Donald Trump’s Judy Shelton nomination.
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The Fed is designed to maintain an independent level of interest rate setting and other key policies from politicians.
Trump openly clashed with Powell, whom he appointed, and repeatedly threatened to fire him for not keeping rates low enough. The Fed eventually cut interest rates by nearly zero percent, keeping that rate in check as the economy grapples with the COVID-19 epidemic.
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Biden has closely coordinated economic policy with Finance Minister Janet Yellen, a former Fed chairman and Powell’s colleague.When asked about Powell, Biden said he spoke regularly with Yellen.
(Reporting by Trevor Hunnicutt and Jarrett Renshaw; (Edited by Leslie Adler)