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President Biden on Thursday falsely claimed he had by no means spoken to Federal Reserve Chairman Jerome Powell as president, regardless of having a gathering with him on the White Home two years in the past.
Biden, throughout a speech to the Financial Membership of Washington, mentioned, “In contrast to my predecessor, I respect the Federal Reserve’s independence as they pursued a mandate to convey inflation down.”
“And that independence has served the nation properly. And by the way in which, I’ve by no means as soon as spoken to the chairman of the fed since I grew to become president,” Biden added. “We’ll additionally do huge injury to our financial system if that independence is ever misplaced.”
Nevertheless, in Might 2022, Biden met with Powell within the Oval Workplace in what Bloomberg described in a report as his “third in-person session with Powell” since changing into President.
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“My plan is to deal with inflation. That begins with a easy proposition: respect the Fed, respect the Fed’s independence, which I’ve completed and can proceed to do,” Biden mentioned on the time.
“The president underscored to Chair Powell within the assembly what he has underscored persistently together with at this time — that he respects the independence of the Federal Reserve,” then-White Home Nationwide Financial Council Director Brian Deese additionally mentioned after the assembly, in keeping with Reuters.
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Biden met with Powell and Yellen to speak in regards to the financial system within the Oval Workplace on the White Home in Washington, D.C., on Might 31, 2022. (Reuters/Leah Millis)
Earlier than that, in November 2021, Biden additionally launched Powell throughout a information convention to announce his nominees for chair and vice chair of the Board of Governors of the Federal Reserve System.
Biden introduced the nomination of Powell for a second four-year time period, and Federal Reserve Board member Lael Brainard to function vice chair, as Powell stands by within the Eisenhower Government Workplace Constructing’s South Court docket Auditorium on the White Home in Washington, on Nov. 22, 2021. (Reuters/Kevin Lamarque)
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Throughout his time as President, Trump as soon as known as Powell “clueless” in a tweet, writing, “We should always simply be reaping huge Rewards & Features, however the Fed is holding us again. We’ll Win!”
