Biden says he intends to restore the Fed’s independence in policy making

Washington, April 7 2021: Unlike his predecessor, President Biden intends to restore independence at the fed and says he has kept clear of Fed Chairman Jerome Powell in a deliberate measure to avoid interference at the central bank after the Trump era.

Biden told journalists he hadn’t spoken to Powell, when asked if he’d made contact since taking office in January. “I think the Federal Reserve is an independent operation and starting off on my presidency I wanted to be real clear and I’m not going to be doing the kind of things that were done in the last administration.”

US Federal Reserve chiefs are appointed by presidents but have traditionally retained independence in their key duties, such as overseeing the setting of interest rates. Former US president Donald Trump nominated Powell but then broke with precedent by frequently and often ferociously criticizing his decisions and urging him to change policy. Biden has so far been fastidiously sticking to his resolve not to talk to the chair.

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