Jerome Powell: I don’t expect Trump’s situation "Shadow boss" For the US Central Bank
Jerome Powell, Chairman of the Federal Reserve, said yesterday, Wednesday, that he is not concerned that the new administration may reduce his powers through those nominated to assume leadership ranks in the Council.
He added “Powell,” during an event organized by the “New York Times,” commenting on the idea of placing a so-called shadow chairman of the Federal Reserve: “I don’t see the matter being on the table.” Not at all.
Powell replied: Thus, to a question about an idea raised by Scott Besent, who was nominated by President-elect Donald Trump to assume the position of Treasury Secretary and who speculated that a Chairman would be appointed to succeed Powell, whose term expires in May 2026.
Trump’s relations with the Federal Reserve and with Powell have also been marred by disagreements. And he may seek to impose greater control over the Council (which is independent by law) and subject to the supervision of Congress.
Any attempt to reduce Powell’s authority may shake the markets and reduce public confidence in the work of the Central Bank. “Powell” mentioned, about his connections with the next administration: “Things will be fine.”
He continued: “There is a group of institutional relationships between the Federal Reserve and “And all departments,” he said, anticipating that he would have the same general types of relationships with Trump’s next policymakers.
He explained how the council would interact with the rest of the government’s agencies and departments, saying: “There must be trust and respect.” Mutual and acknowledgment of the different powers, powers, and limits that we have.”
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