Former Vice President and Republican presidential candidate Mike Pence stated that the Federal Reserve needs new leadership.
Former Vice President and Republican presidential candidate Mike Pence said he would "absolutely" look to replace Federal Reserve Chair Jerome Powell if he’s elected to the White House.
Pence’s criticism of Powell comes as the Federal Reserve’s aggressive rate hiking campaign to tame inflation has fallen short of what many forecasters initially predicted., rose 0.2% in July to an annual rate of 4.2%, well above the central bank’s 2% target. Pence, who served as vice president during the Trump administration when Powell was nominated to his position, said the Fed is playing "catch-up" after keeping rates low for too long. He also renewed his calls for the Fed to do away with its dual mandate of price stability and maximum employment, saying the Fed should solely focus on keeping interest rates stable and fighting inflation.
Narrowing the Fed's mandate has long been a key issue for Pence, who brought the idea forward while inAnd Pence is far from alone in his disapproval of Powell at the helm of the Federal Reserve.including former President Trump, Florida Governor Ron DeSantis, and entrepreneur Vivek Ramaswamy have all targeted Powell while on the campaign trail, signaling a desire to replace him once his term expires.
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