Federal Reserve Chairman Jerome Powell is appearing before Congress the next few days to discuss the economy and what the Federal Reserve sees on the horizon. After prepared remarks, Powell was questioned by Committee members. One fantastic exchange took place this morning between Representative Maxine Waters and Powell.
Maxine Waters: “If you got a call from the president, today or tomorrow, and he said, ‘I am firing you, pack up, it’s time to go.’ What would you do?”
Fed Chair Powell: “Well, of course, I would not do that.”
Waters: “I can’t hear you.”
Powell: “My answer would be no.”
When asked why, Powell responded that he has made his position clear. He was offered a four-year term and intends to fulfill that term. He is not going to go anywhere. Donald Trump surely will not like this latest, and we will within a few hours surely get a tweet and statements from Donald “Dislike” that he is “not a big fan of Powell” and if the markets should change negatively or the economy take a tailspin, it will be blamed on Powell.
While Trump will try to stack the Federal Reserve with those who worship Trump, Powell is not afraid of Trump. The exchange today raised laughter. But from everything that can be seen and determined, Powell might be the one Trump appointee who has a backbone. Acosta, Barr, et al. have shown their lack of spines and they’re totally doing the bidding of Trump. We are glad that when it comes to standing up against the president, Federal Reserve Chairman Powell has no reserves.