Powell Accuses Trump of Putting Federal Reserve Independence 'At Risk'
· Telemundo McAllen (KTLM)
Washington — Federal Reserve Chairman Jerome Powell stated on Wednesday that the institution's independence is 'at risk' due to legal actions taken by President Donald Trump's administration, including a criminal investigation against Powell that appears to have clear political motivations. 'I believe the Fed's independence is at risk,' Powell said during a press conference in response to a journalist's question. 'I think these legal challenges, if you want to call them that, are punishing the institution because of these issues,' the economist added. Powell, 73, is set to step down as Fed chairman on May 15 but announced that, contrary to tradition, he will remain on the board of governors at least until the investigation initiated by Trump against him is 'concluded definitively and transparently.' It is also believed that Powell's decision reflects his commitment to safeguarding the Fed's independence in monetary policy during a time when the president is fixated on lowering interest rates.