The Federal Reserve is reported to be historically apolitical, meaning all considerations are absent of politics. However, no individual Federal Reserve Chairman has been more overtly political than Jerome Powell.
Today, after announcing yet again the Fed will not lower interest rates, Chairman Jerome Powell announced he will not leave the board of the federal reserve even after his term has expired and he is replaced by recently advanced Kevin Warsh. Powell said he plans to maintain a “low profile” as a governor, but it will be the first time since 1948 that a Federal Reserve Chairman has stayed on the board at the end of their chairmanship.
The Inspector General is currently reviewing the massive cost overrun for a new multi-billion-dollar Federal Reserve building that has been the heart of controversy since the initial $1 billion overrun was announced. “I’ve said that I will not leave the board until this investigation is well and truly over with transparency and finality, and I stand by that,” Powell said.
Paranoid! Powell must have inside knowlege via some commie judge that he’s immune to firing.
I imagine he thinks he can maintain some control over the investigation if he is still in a position of power.
Whatever else this administration has done or not done, it has attempted to restrain and end corruption. How did the lunatics react to DOGE? To ending public benefits to individuals who are in the country illegally?
Just recently another cabinet member was let go, there were questions over her husband’s behavior.
Everything the Trump administration has tried to do to cut off the public spigot has been challenged. Now the federal chairman squanders excess monies on construction (and I guess the question is, did it all go to construction?) and he can’t be fired?
Overwhelming hubris … fatigue.
Democrats ARE NOT protecting their corruption. They are protecting Americans’ private information, or at least that’s the talking point.
The only ‘private’ information they are protecting is who, by how much and by which vehicle are they grifting off the American taxpayers.
Will his kickbacks ever be found out?
Not if a Democrat is president—or controls the House.
Change the locks on the door…
Can’t trust Democrats at all—Obama won’t leave either.
The list is long: Hillary, Comey, all of the rest. They need to keep their hand in in order to control the research into their corruption. Must be a lovely life they lead.
Also Democrats are incompetent and parasitic egomaniacs, so there’s literally NOTHING else they can do with similar compensation—cf. elite overproduction.
Once you accept the power and riches, you’re in for life.
Did Nixon close the gold window by Executive action or did he have to go through Congress ?
If he closed it by Executive action, then Trump could open it by Executive action. In my conversations with my friends at Bretton Woods Research, which carried on in the wake of Jude Wanniski’s passing, they have said that a new gold peg could be set at a level that prevailed over the past five years. So that is a starting point.
Monetary policy has to be taken out of the hands of bureaucrats and put into the hands of the market.
The quiet part out loud:
Everyone screams for the ‘Fed’s Independence.’
Isn’t it the Fed who creates money out of thin air used to buy treasury bills which in turn creates debt that the US taxpayer has to repay?
I understand the difference between monetary and fiscal policy/dominance. What gets me is the incestual relationship between the Fed and Treasury, while demanding Fed independence.
Power will leave when he is assured he won’t go to prison for nefarious activity.
Did he get an auto-pen pardon?
If the FED is not connected to the federal gubmint, why is the legislative branch appropriating taxpayer💰to pay for the FEDs palatial offices?
It’s the same mystery as state legislatures appropriating taxpayer funds for private businesses to open their doors but at a higher cost with even less of a return.
None of it makes sense.
It makes sense if the idea is to pay for your perks or kickbacks with other people’s money.
Prox 4:00 mark, Chair Powell,
“The people we serve benefit from your (regarding the media) careful reporting”
Lots of questions:
1. Who are the real people the Fed serves?
The Federal Reserve is a privately held and very secretive institution.
2. What is the benefit these people get?
Mull that one over.
3. The notice to press for their careful reporting.
3. 6:00 mark the first questioner is unidentified. The same person thanked Powell for the kind words about the press. This question was known incoming by Powell. He went directly to his written answer.
Fireworks 🎇 coming.
Any investigation will probably show that Tillis, McConnell, Murkowski, Collins all had their hands in Powell’s money jar.
Its pretty clear Powell is putting his grudge with PDJT above America’s fiscal well being. He couldnt make it more obvious.
Power hunger POS.
NWO operative. Lowered rates a total of 1% in 2nd half of 2024 to try and help Cackles when cpi was running hot 4-6%. Trump gets it down to under 3% and the rat inserts his thumb firmly where the sun don’t shine, closes the shop. It’s been the plan all along.
Time for ICE to deport the FED.
The Fed makes a profit on lending money, right? Why are U.S. taxpayers required to foot the bill for a makeover to their building? It would have been cheaper to buy a new building (I hear they are going cheap).
Or at least, if there is so much asbestos abatement to be done, (isn’t it perilous to the health of people working there) it should have been condemned and gutted and made into a regular government office for some other entity.
Put a bill in to reduce the salaries of these woe-be-gones commensurate with the outrageous overruns.
Powell and the FED’s post Covid rate cut was March 15, 2020. The next rate change, a hike from 0-0.25% to 0.25-0.5% was March 17, 2022. Inflation was raging and they waited too long to hike. There is market speculation that Powell who was nominated for a second term by Biden on Nov 22, 2021 kept rates lower for longer to get confirmed. He was eventually confirmed on May 12, 2022. CPI was 6.8% in Nov ‘21 on is way to 8.6% in May of ‘22. You decide. There was never more of a political FED decision than to cut rates on Sept 17, ‘24 from 4.5-4.25% to 4.0-4.25% and then again on Oct 29 ‘24 from 4.0-4.25% to 3.75-4.0% twice right before a Presidential Election. Absolutely horrifically political. His legacy will be extremely mixed.
No Kings.
It might be that in whatever room Jerome Powell is, he’ll be the most political person in that room.
Whoopy Hindenburg just said the same thing about Trumps Ballroom means he plans to stay ! Ok if Jerome is staying so is Trump ! Right?
No kings in the US except the Fed Chair Powell?
Perhaps he has not considered that he is now faced with a President who knows far more about “building renovation projects” than he ever could. I’m certain that he confronted – and bested – plenty of corrupt contractors just like this person.
Probably the most immediate solution to this situation is to file Federal criminal charges against Powell. Because I am quite sure that such charges could easily be found. “A ‘billion’ dollars” is an awful lot of money, and it can be distributed into a lot of undeserving hands.
Norton pop up scam is rendering this site unreadable
There is a reason for the chairman not to stay on the board after his chairmanship since 1948. That’s because no one on the board wants to hear his shit again.
Unfortunately, the way Congress set up the Fed board and their terms of office, Powell doesn’t have to leave, at least not completely. There are seven Board members (“governors”), each of them appointed to 14-year terms. Powell is one of those and his term as a governor expires in June 2028. The Chairman and Vice Chairman are also governors and serve for 4 years unless reappointed, and those run concurrent with their terms as a governor. If not replaced, each gets to continue in office until a replacement is confirmed. Powell is serving in his second term as Chair, which expires in May 2026, although he is still a governor until June 2028.
It has been custom for a Chair to leave the Fed Board altogether when his term as Chair expires (leaves as Chair at the end of that term and leaves as a governor, even though there may be time left in that term). But that is the custom only and the law does not require it. Powell appears to be intent on going against custom to stick around until the end of his term as a governor in 2028.
Kevin Warsh’s nomination (as both Chair and as a governor) has been okayed by committee, but not yet by the whole Senate. Assuming he is confirmed soon, he will join the board as a governor on that day, but not as Chair before the last day of Powell’s term as Chair.
If Powell flouts custom and does not leave as a governor until 2028, that does not leave Warsh out in the cold, because there is a temporary governor (Stephen Miran) serving out the end of someone else’s term, and since no replacement has been confirmed him, he is available to be replaced as a governor by Warsh if Powell will not resign as a governor as is the custom. Miran already reached the end of the previous person’s term in Jan 2026, so upon confirmation Warsh would immediately replace him as a governor, and then as soon as the last day of Powell’s term as Chair comes (May 23), Warsh will also become Chair for the next 4 years.
Sounds kind of convoluted, but that is the way Congress devised the Fed Board terms of office. Powell, being the egomaniac putz that he is (and trying to protect himself from whatever corruption he may have been involved in), will flout custom to hold on to his governor seat until 2028 while Warsh will still replace him next month as Chair.
From an interest rate perspective, that’s disappointing.
How can he just say he’s not leaving? Does he not report to anyone?