National Economic Council Director Kevin Hassett said that it is time for former Federal Reserve Chair Jerome Powell to leave the Federal Reserve Board on “Sunday Morning Futures,” arguing that doing so would help preserve the central bank’s independence.
Hassett claimed it is unprecedented for a former Fed chair to remain on the board after his chairmanship ends and said Powell should “move on.”
“I think that it’s time for him to move on and to respect the independence of the Fed,” he told Larry Kudlow. “End this sort of partisan divide that’s very visible at the Fed, and let’s move on to the way the Fed used to be in the past.”
THE FINAL VERDICT IS IN FOR THE FED’S TROUBLED RENOVATION AND JEROME POWELL
Hassett described Powell’s extended tenure as “completely unprecedented,” emphasizing the importance of an independent Federal Reserve for the success of the economy.
“It’s completely unprecedented that somebody would have their chairmanship end and not resign right away. It’s kind of like when there’s a corporation that gets a new CEO. The old CEO doesn’t sit in the office next to him, right?”
“I think the best way for him to preserve the independence of the Fed is to trust the people that we put there who really, really believe in the independence of the Fed,” he added.
SENATE CONFIRMS KEVIN WARSH AS FED CHAIR AS TRUMP’S ECONOMIC VISION COMES INTO FOCUS
Powell’s continued presence at the nation’s central bank has contributed to tension between him and the president, who would have been able to fill the seat left behind if Powell stepped down. The feud between President Donald Trump and Powell began as a disagreement over interest rates and has since escalated into a broader confrontation.
Trump has intensified his pressure campaign in recent months, publicly criticizing the Fed’s benchmark interest rate decisions and, at times, resorting to personal attacks.
Powell was investigated by the Department of Justice for cost overruns associated with multibillion-dollar renovation projects at the Federal Reserve’s Washington, D.C., headquarters, but no charges were brought. U.S. Attorney General Todd Blanche confirmed that the Justice Department would not reopen a criminal investigation into Powell.
FOX Business reached out to Powell for comment but did not immediately hear back.
Fox News Digital’s Amanda Macias contributed to this report.
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