{"id":7105,"date":"2024-08-12T16:32:02","date_gmt":"2024-08-12T08:32:02","guid":{"rendered":"https:\/\/tingchao.xyz\/?p=7105"},"modified":"2024-08-12T16:32:06","modified_gmt":"2024-08-12T08:32:06","slug":"jd-vance-backs-presidential-decision-making-on-fed-policies","status":"publish","type":"post","link":"https:\/\/tingchao.xyz\/?p=7105","title":{"rendered":"JD Vance backs presidential decision-making on Fed policies"},"content":{"rendered":"\n
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Republican U.S. vice presidential candidate JD Vance on Sunday said he supports Donald Trump’s call for presidents to have a say in Federal Reserve Board policy-making, including interest-rate moves, saying those should be “political” decisions.<\/p>\n\n\n\n

Vance’s remarks during an interview with CNN’s “State of the Union” program came after Trump on Thursday told reporters: “I feel the president should have at least (a) say in there.”<\/p>\n\n\n\n

Explaining Trump’s position, Vance said that the former president believes the political leadership in the United States should have more say over the country’s monetary policy.<\/p>\n\n\n\n

While the president nominates members of the Federal Reserve Board, past administrations largely have maintained that White House meddling in the Fed’s monetary decisions would inject short-term political pressures that could end up hurting the U.S. economy over the long-run.<\/p>\n\n\n\n

That has not stopped presidents in the past, however, from occasionally grumbling about Fed stances.<\/p>\n\n\n\n

“I agree with him (Trump). That should fundamentally be a political decision. Agree or disagree, we should have America’s elected leaders having input about the most important decisions that confront our country,” Vance said.<\/p>\n\n\n\n

Vance said that it would be “a huge change” to veer away from a long-held stance that the Fed should be an independent policy-making institution on monetary policy.<\/p>\n\n\n\n

During last week’s press conference in Florida, Trump boasted: “I think that in my case, I made a lot of money, I was very successful, and I think I have a better instinct than in many cases, people that would be on the Federal Reserve or the chairman.”<\/p>\n\n\n\n

Trump did not mention that several times over his business career his enterprises have defaulted on interest payments and filed for bankruptcy.<\/p>\n\n\n\n

Democratic presidential nominee Kamala Harris said on Saturday that she strongly disagreed with Trump’s views on the Fed.<\/p>\n\n\n\n

“The Fed is an independent entity and as president I would never interfere in the decisions that the Fed makes,” Harris told reporters in Phoenix, Arizona.<\/p>\n\n\n\n

In March 2022, the Fed began raising interest rates in an effort to tame rising inflation, as the United States was climbing out of the economic shocks of the COVID-19 pandemic.<\/p>\n\n\n\n

Interest rates set by the central bank can have a direct impact on borrowing costs ranging from home mortgages to credit cards.<\/p>\n\n\n\n

Wall Street investors have been expecting the Fed to take its first step next month to reverse that course as inflation has been cooling.<\/p>\n\n\n\n

As of June of this year, the inflation rate was 2.5% by the Fed’s preferred measure, nearing its 2% target, after hitting 7.1% in June 2022. Other measures of inflation have been running higher but are also showing signs of easing.<\/p>\n\n\n\n

The Trump-Vance remarks come on the heels of a “2025 Presidential Transition Project,” a controversial agenda pushed by some conservatives that recommends vast changes throughout the federal government if Trump wins the Nov. 5 presidential election against Harris.<\/p>\n\n\n\n

Among its recommendations were: “Appoint a commission to explore the mission of the Federal Reserve, alternatives to the Federal Reserve system, and the nation\u2019s financial regulatory apparatus,” along with other proposals for the Fed.<\/p>\n\n\n\n

As Democrats have ramped up their attacks on “Project 2025,” Trump has distanced himself from it.<\/p>\n","protected":false},"excerpt":{"rendered":"

Republican U.S. vice presidential candidate JD Vance on Sunday said he supports Donald Trump’s call for presidents to have a say in Federal Reserve Board policy-making, including interest-rate moves, saying those should be “political” decisions. 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