The headlines of Fox Business Flash are here. See what clicks on FoxBusiness.com.
U.S. President Joe Biden said Tuesday he did not speak to Federal Reserve Chairman Jerome Powell. The central bank is an independent agency.
GET FOX BUSINESS ON THE GO by clicking here
“I think the Federal Reserve is an independent operation and with my presidency I want to be clear that I am not going to do the things that were done in the last government,” Biden told reporters.
Biden still has plenty of room to make its mark on the Fed. Powell’s term is next February, when Biden can choose to extend his term, and there is an empty seat on the Fed’s board of governors.
Biden has already withdrawn former President Donald Trump’s nomination of Judy Shelton to fill the seat.
JANET YELLEN, FED’S JEROME POWELL WITNESSES AT COVID-19 LIGHTING, ECONOMICS
The Fed is designed to maintain a degree of independence in setting interest rates and other key policies of politicians.
Trump openly clashed with Powell, whom he appointed, and threatened to fire him several times for not keeping rates low enough. The Fed has finally lowered rates to near zero percent, where it is being held while the economy endures the COVID-19 pandemic.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
Biden has closely coordinated economic policy with Finance Minister Janet Yellen, herself a former Fed chairman and a colleague of Powell’s. When asked about Powell, Biden mentions that he talks to Yellen regularly.
(Reporting by Trevor Hunnicutt and Jarrett Renshaw; Editing by Leslie Adler)