EXCLUSIVE: Pres. Trump defends repeated criticism of Federal Reserve Chair Jerome Powell: “I’ve waited long enough.” 'He's my pick—and I disagree with him entirely,' he tells GStephanopoulos.
President Donald Trump slammed Federal Reserve Chairman Jerome Powell again this week, insisting that Powell’s actions have prevented the economy from soaring even higher and declaring he’s out of patience with the man he picked to lead the nation’s central bank.
Trump’s repeated public criticism of the Federal Reserve potentially puts the chairman in an uncomfortable position. If Powell eventually does what Trump wants -- even if he makes that decision independently without factoring in the president’s opinion – the board could be perceived as biased or politically tainted.
Firing a Federal Reserve chairman or governor for “cause” is feasible but also virtually unheard of. The last time a Federal Reserve chair clashed so starkly with a president was under President Lyndon B. Johnson, though the chairman at the time, William McChesney Martin, didn't resign. “And it was … very much a part of the administration from the standpoint as they’d talk and they’d really settle,” he said. “You have no idea how important it is.”
Below is a complete, unedited transcript of that portion of the president’s exclusive interview with ABC News from Council Bluffs, Iowa.
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