Republicans in Congress expressed concern over President Trump's contemplation of dismissing Federal Reserve Chair Jerome Powell. GOP members warned that such a move would undermine the Fed's independence from political interference and create economic uncertainty. Senator Thom Tillis emphasized that the economic consequences would largely impact average Americans. Additionally, Senator Mike Rounds noted that a perceived loss of independence would negatively affect market forecasts. However, some Republicans, like Bernie Moreno, support the idea of firing Powell, claiming he is the worst Fed chairman in history.
"If anybody thinks it would be a good idea for the Fed to become another agency in the government subject to the president, they're making a huge mistake," GOP North Carolina Sen. Thom Tillis said. He expressed deep concern that firing Powell would undermine the Fed's independence and negatively impact the economy, particularly affecting everyday Americans who rely on stable financial conditions.
"The markets expect an independent, central bank," said GOP South Dakota Sen. Mike Rounds. He warned that any perception of diminished independence for the Fed would have significant repercussions, potentially undermining forecasts and the integrity of the central bank's decisions.
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