Republican task force chief wants to shield Fed from political influence, including Trump
Source: Reuters
April 24, 2025 6:29 AM EDT Updated 8 hours ago
WASHINGTON, April 24 (Reuters) - A Republican lawmaker tasked with scrutinizing Federal Reserve monetary policy wants the U.S. Congress to help stabilize financial markets by insulating the central bank from political influence, including from President Donald Trump.
After days of market turmoil triggered by Trump's attacks on Fed Chairman Jerome Powell, Representative Frank Lucas said the president ultimately made the right call by stating clearly this week that he has no intention of firing the central bank chief. "The president made a wise decision," said Lucas, who chairs the House Financial Services Task Force on Monetary Policy, Treasury Market Resilience and Economic Prosperity.
"Between the tariffs, wars and all the things going on around the planet, we didn't need any more uncertainty in the financial industry. We didn't need any more uncertainty in the markets," the Oklahoma Republican told Reuters in an interview. "The president made the right call."
With Congress returning from spring break next week, Lucas said he wants his 14-member task force to identify policy initiatives that can shore up the Fed's independence, enhance Treasury bond market liquidity and win enough support from Democrats to pass the House of Representatives and Senate. "It's not a government-owned bank. It's owned by the banks. And, yes, the president nominates with Senate confirmation the governor and the board of directors. But they are independent," Lucas said.
Read more: https://www.reuters.com/world/us/republican-task-force-chief-wants-shield-fed-political-influence-including-trump-2025-04-24/
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