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Lawmakers and witnesses warn Fed independence is at risk from politicization and expanded mission
Summary
Members and witnesses at a House task force hearing raised concerns that expanding the Federal Reserve’s responsibilities and political pressure from the White House threaten the central bank’s independence, citing historical examples and recent appointments.
Lawmakers and witnesses at a House Financial Services task force hearing on monetary policy warned that political pressure and an expanding set of responsibilities risk eroding the Federal Reserve’s independence.
Ranking Member Juan Vargas cited recent attacks and personnel moves as evidence of an effort to exert White House control over the Fed, saying in his opening that “President Trump is attempting to take over the Fed,” and he quoted a public remark by former White House adviser Larry Kudlow that the president would “take the Fed over as he should.”
Witnesses pointed to historical…
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