PHOENIX:
US Vice President Kamala Harris said Saturday that the Federal Reserve is independent and will never interfere in its decisions if she wins the Nov. 5 presidential election.
“The Fed is an independent entity, and as chairman I will never interfere in the decisions that the Fed makes,” Harris told reporters in Phoenix, Arizona.
Harris’ view contrasts sharply with that of Republican nominee former President Donald Trump, who said Thursday that US presidents should have a say in decisions made by the Federal Reserve, the central bank of the United States. USA.
Harris, who was speaking to reporters before boarding a flight to Las Vegas for a campaign event, said she strongly disagreed with Trump’s position on the issue.
Harris, who officially became the Democratic presidential nominee earlier this week, said she plans to reveal her policy positions next week, with a focus on the U.S. economy.
“It will focus on the economy and what we need to do to reduce costs and also strengthen the economy overall,” he said.
A rise in the U.S. jobless rate in July reported last week helped spark a global stock market rout that continued on Monday before stocks partially recovered, with investors worried the U.S. is headed for recession and the Fed will need to respond aggressively.
Asked about those concerns and the Fed’s response, Harris said: “As we know, there’s been some turbulence this week, but it looks like they’ve settled down. And we’ll see what … decisions they make next.”
If you can’t hold a press conference, you can’t be president. Well.
Trump’s comments on Thursday offered the clearest indication yet of his interest in undermining the Fed’s independence should he regain the White House.
“I feel like the president should at least have (a) say” in the Fed’s decisions, Trump told reporters at his Mar-a-Lago, Florida, residence.
His comment follows a report this spring that Trump allies have drafted proposals that would attempt to erode the Fed’s independence if he wins.
While Trump’s campaign distanced itself from the Wall Street Journal report at the time, his comments on Thursday show that he is firmly in line with one of the main thrusts of the proposals: If he becomes president, Trump should be consulted on decisions on interest rates and the Fed Banking regulation proposals should be subject to White House review.
Current Fed Chairman Jerome Powell, who was appointed by Trump and reappointed by President Joe Biden, is set to serve until May 2026.
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