Harris says Fed is independent and she would never interfere in its decisions
2024.08.10 18:38
By Jeff Mason
PHOENIX (Reuters) – U.S. Vice President Kamala Harris said on Saturday the Federal Reserve is independent and she would never interfere in its decisions if she wins the Nov. 5 presidential election.
“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.
Harris’ view contrasts sharply with that of the Republican nominee, former President Donald Trump, who on Thursday said that U.S. presidents should have a say over decisions made by the Federal Reserve, the U.S. central bank.
Harris, who spoke to reporters before boarding a flight to Las Vegas for a campaign event, said she disagreed strongly with Trump’s position on the issue.
Trump’s comments on Thursday offered the most explicit indication so far of his interest in infringing on the Federal Reserve’s independence should he regain the White House.
“I feel the president should have at least (a) say in there” on Fed decisions, Trump told reporters at his Mar-a-Lago residence in Florida.
His comment follows a report this spring that Trump allies have drafted proposals that would attempt to erode the Fed’s independence if he wins.
While the Trump campaign distanced itself from the Wall Street Journal report at the time, his remarks on Thursday indicate he is squarely aligned with one of the proposals’ main thrusts: If he becomes president, Trump should be consulted on interest rate decisions, and Fed banking regulation proposals should be subject to White House review.
Current Fed Chair Jerome Powell, who was appointed by Trump and reappointed by President Joe Biden, is due to serve until May 2026.
