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Kevin Hassett says Powell should 'move on' to preserve Fed independence
Fox Business • • business
Key Points:
- National Economic Council Director Kevin Hassett called for former Fed Chair Jerome Powell to leave the Federal Reserve Board, stating that his continued presence undermines the Fed's independence and is unprecedented.
- Hassett argued that Powell should "move on" to restore the traditional nonpartisan nature of the Federal Reserve and compared Powell’s extended tenure to an old CEO staying in the office after a new CEO takes over.
- Powell's ongoing role on the board has fueled tensions with President Donald Trump, who has publicly criticized Powell’s interest rate decisions and would have had the chance to fill the vacancy if Powell stepped down.
- Powell was previously investigated by the Department of Justice over cost overruns in Federal Reserve renovation projects, but no charges were filed and the investigation will not be reopened.
