{"id":2527,"date":"2026-06-12T10:03:35","date_gmt":"2026-06-12T10:03:35","guid":{"rendered":"https:\/\/bostonrelocationinsider.com\/?p=2527"},"modified":"2026-06-12T10:03:35","modified_gmt":"2026-06-12T10:03:35","slug":"in-trying-to-control-washingtons-most-independent-agency-trump-risks-economic-damage","status":"publish","type":"post","link":"https:\/\/bostonrelocationinsider.com\/?p=2527","title":{"rendered":"In trying to control Washington\u2019s most independent agency, Trump risks economic damage"},"content":{"rendered":"<article>\n<div>\n<p><span><span>W<\/span><\/span><span><span>ASHINGTON \u2014 Jerome Powell, the former head of the Federal Reserve, hunched under an umbrella with his wife, Elissa Leonard, as they hustled through a spring squall into the John F. Kennedy Presidential Library and Museum in Dorchester. <\/span><\/span><\/p>\n<p>Read more <a href=\"https:\/\/bostonrelocationinsider.com\/?p=2525\">Follow live updates on the Trump administration<\/a><\/p>\n<p><span>Later, as heprepared to address more than 700 people at a black tie dinner in a tent outside, another wave of heavy rain drummed on the roof.<\/span><\/p>\n<p><span>The metaphor practically wrote itself. The agency Powell recently led, designed by Congress to be insulated from political influence because of its crucial role in the economy, has faced a storm of criticism from President Trump in his second term. And the soft-spoken Powell, 73, has been the lightning rod.<\/span><\/p>\n<\/div>\n<div>\n<p><span>But, rare in Washington these days, Powell managed to survive the Trump tempest.<\/span><\/p>\n<p><span>In May, he left the Fed chairmanship on his own terms, not Trump\u2019s. Moreover, he will continue to wield influence at the agency Trump sought to bring to heel as he will remain on the Fed board for up to 18 more months. From that perch, he now gets to watch how his successor, Kevin Warsh, wrestles with Trump\u2019s relentless demands to lower interest rates.<\/span><\/p>\n<div>\n<div>\n<div><span>Get Starting Point<\/span><\/div>\n<div><span>A guide through the most important stories of the morning, delivered Monday through Friday.<\/span><\/div>\n<div>\n<div><label>Enter Email<\/label><\/p>\n<div><button>Sign Up<\/button><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div>\n<div>Trump relentlessly attacks Jerome Powell and the Fed<\/div>\n<div><\/div>\n<div>\n<div><figcaption><span>Throughout his second term, President Trump publicly derided then-Federal Reserve Chair Jerome Powell for not lowering interest rates.<\/span><\/figcaption><\/div>\n<\/div>\n<\/div>\n<p><span>Powell\u2019s ability to withstand the brunt of Trump\u2019s intense pressure campaign is what brought him to this rain-swept corner of Boston on May 31, to accept the JFK Profile in Courage Award for \u201cprotecting the independence\u201d of the nation\u2019s central bank.<\/span><\/p>\n<p><span>And in his trademark low-key manner, Powell accepted the award by saying he was, essentially, only doing his duty.<\/span><\/p>\n<p><span>\u201cWhat the public has every right to expect is that we will make our decisions based only on our best economic analysis of what would most benefit the people we serve,\u201d Powell, who remains on the Fed\u2019s board after his term as chair ended May 22, told the crowd. \u201cWe do not take into account the fortunes of any political party or politician in making those decisions.\u201d<\/span><\/p>\n<p><span>Presidents have long craved low rates to boost economic growth in the short term \u2014 and their political fortunes, as well \u2014 despite the longer-term danger they could fuel higher prices by making the cost of borrowing too cheap. In 1971, President Richard Nixon succeeded in pressuring the Fed chair to lower interest rates heading into his reelection campaign despite a growing economy. <\/span><\/p>\n<p><span>Nixon won, but the country lost. <\/span><\/p>\n<p><span>Those low rates contributed to a decade of raging inflation, and the episode became a cautionary tale of the risks of political interference in monetary policy. Subsequent presidents took note and adopted a hands-off approach.<\/span><\/p>\n<p><span>Until Trump.<\/span><\/p>\n<p><span>During his first term, he publicly criticized Powell \u2014 a Republican he picked for Fed chair in 2017 \u2014 for raising interest rates. After returning to the White House in 2025, Trump took his pressure campaign to new levels.<\/span><\/p>\n<p><span>In addition to more intense and frequent derision of Powell \u2014 \u201cstubborn moron,\u201d \u201cknucklehead,\u201d \u201creal dummy\u201d \u2014 Trump called for him to resign. When Powell refused, Trump publicly mused about firing him. <\/span><\/p>\n<p><span>Trump has done this throughout the government in his second term, handing out pink slips to commissioners at independent agencies and members of government boards before their terms expired while firing or pushing out more than 200,000 federal workers as his administration dramatically shrank \u2014 and in some cases dismantled \u2014 many departments. <\/span><\/p>\n<p><span>But Fed officials are unique. They can\u2019t be fired on a presidential whim, only \u201cfor cause.\u201d That led Trump to take steps over the past year \u2014 including appointing a new Fed chair \u2014 that critics say threaten the central bank\u2019s independence and risk higher inflation. <\/span><\/p>\n<p><span>\u201cThe fact that he ran against inflation, he knows that this is very unpopular politically,\u201d said Princeton economist Alan S. Blinder, who served as vice chair of the Fed from 1994-96. \u201cI\u2019m not sure he ever put two and two together that if he had his way, emasculating the leadership of the Fed in favor of the White House would lead to more inflation.\u201d<\/span><\/p>\n<p><span>Although it\u2019s just a couple blocks from the White House, presidents rarely visit the Fed\u2019s historic Washington, D.C., headquarters to avoid any appearance of undue influence.<\/span><\/p>\n<p><span>But last summer there was Trump one day in a bizarre scene that could have been filmed for \u201cThe Apprentice,\u201d wearing a white hard hat as he toured the major renovation underway at the Fed building. <\/span><\/p>\n<p><span>Trump was searching for a \u201ccause\u201d to fire Powell and had zeroed in on the rising cost, which had ballooned to about $2.5 billion from $1.9 billion. Trump suggested days earlier that Powell might have to step down because of fraud related to the project and he wanted to personally take a look.<\/span><\/p>\n<p><span>With Powell in his own hard hat standing beside him, Trump told reporters the cost overruns had increased.<\/span><\/p>\n<p><span>\u201cIt looks like it\u2019s about $3.1 billion,\u201d he said. \u201cIt went up a little bit, or a lot.\u201d <\/span><\/p>\n<p><span>Powell shook his head.<\/span><\/p>\n<p><span>\u201cI\u2019m not aware of that, Mr. President,\u201d he said. Trump pulled a piece of paper from his jacket pocket and gave it to Powell, who put on his glasses.<\/span><\/p>\n<p><span>\u201cYou\u2019re including the Martin renovation,\u201d Powell said, referring to a different Fed building. \u201cWe finished Martin five years ago.\u201d <\/span><\/p>\n<p><span>Trump was undeterred. Asked by a reporter what he would have done as a real estate developer to a project manager who was over budget, Trump said, \u201cGenerally speaking . . . I\u2019d fire him.\u201d <\/span><\/p>\n<p><span>His words aside, Trump by that point had signaledfiring Powell was off the table due to the uncertainty his dismissal and subsequent legal battle would cause on Wall Street. <\/span><\/p>\n<p><span>Trump got a taste of that a few months earlier when financial markets tanked as a Powell firing appeared imminent, forcing Trump to publicly declare he had \u201cno intention\u201d of making such a move. <\/span><\/p>\n<p><span>Fed officials only directly control a short-term rate that domestic banks use to lend money to each other that they hold at one of the 12 regional Fed banks. But, trusting their judgement, bankers and investors follow the Fed\u2019s lead when they set longer-term rates for car loans, mortgages, and other lending.<\/span><\/p>\n<p><span>If the Fed\u2019s monetary policy decisions are viewed as motivated by politics and not economics, they would lose their impact, said Eric Rosengren, former president of the Federal Reserve Bank of Boston.<\/span><\/p>\n<p><span>\u201cIf people become concerned that the Fed will not be independent, and you\u2019re concerned that inflation will be rising over time, you\u2019ll have short rates go down, but you\u2019ll have long rates go up,\u201d he said. \u201cBoth Turkey and Argentina are countries where there have been issues with central bank independence, and the result in those cases have been very, very high inflation rates.\u201d<\/span><\/p>\n<p><span>With firing Powell potentially destabilizing, Trump tried other tactics to push him out. <\/span><\/p>\n<p><span>One month after the construction site tour, Trump announced he was firing Fed board member Lisa Cook alleging she had committed mortgage fraud,the first ever of a Fed official. Cook denied the allegations and a federal judge put the dismissalon hold pending a legal challenge that the Supreme Court is expected to decide this month.<\/span><\/p>\n<p><span>Then in January, the Fed headquarters renovation became a flashpoint again. Powell announced that the Justice Department was conducting a criminal investigation into whether he had lied to Congress about the project. <\/span><\/p>\n<p>Read more <a href=\"https:\/\/bostonrelocationinsider.com\/?p=2523\">Soccer fan Joe Mazzulla hopes to bring some lessons from the World Cup back to the court with the Celtics<\/a><\/p>\n<p><span>\u201cTo have the president have this continuous amount of ad hominem attacks and legal assaults, that\u2019s really unprecedented amounts of bullying,\u201d said Gary Richardson, an economics professor at the University of California Irvine, who served as the Fed\u2019s official historian from 2012 to 2016. \u201cIt\u2019s an order of magnitude more than has ever happened.\u201d<\/span><\/p>\n<p><span>Congressional Democrats and even some Republicans strongly criticized the probe,which seemed intended to pressure Powell to resign. But he said he wasn\u2019t leaving until his term as chair ended. <\/span><\/p>\n<p><span>\u201cThis is about whether the Fed will be able to continue to set interest rates based on evidence and economic conditions,\u201d Powell said at the time,\u201cor whether instead monetary policy will be directed by political pressure or intimidation.\u201d<\/span><\/p>\n<p><span>In late May, for the first time in nearly four decades, the swearing in of a Fed chair took place at the White House. And Trump was clearly thrilled.<\/span><\/p>\n<p><span>\u201cI expect he will go down as one of the truly great chairmen of the Federal Reserve that we\u2019ve ever had. I really believe that,\u201d Trump gushed at a ceremony in which he frequently applauded enthusiastically for Warsh, his pick to replace Powell.<\/span><\/p>\n<p><span>Trump has described Warsh, 56, as straight from central casting: a Harvard Law graduate with Wall Street experience who had served as a Fed governor from 2006-11. And in introducing him at the May 22 event, Trump made a point of saying he wanted Warsh \u201cto be totally independent.\u201d<\/span><\/p>\n<p><span>\u201cDon\u2019t look at me, don\u2019t look at anybody, just do your own thing and do a great job,\u201d Trump told a crowd in the East Room that included top administration officials. <\/span><\/p>\n<p><span>For his part, Warsh said in brief remarks that the Fed works best when it pursues its statutory mission \u201cwith wisdom and clarity, independence and resolve.\u201d It echoed his promise of independence during his Senate confirmation hearing.<\/span><\/p>\n<p><span>But some people are dubious. <\/span><\/p>\n<p><span>Known for years as a monetary policy \u201chawk\u201d \u2014 someone who puts a greater value on preventing runaway inflation with higher interest rates than stimulating job growth with lower ones \u2014 Warsh started advocating for lower rates around the same time Trump began searching for Powell\u2019s replacement.<\/span><\/p>\n<p><span>After nominating Warsh, Trump told reporters he had not asked for a commitment to push for rate cuts because that was \u201cinappropriate, probably.\u201d<\/span><\/p>\n<p><span>\u201cBut he certainly wants to cut rates,\u201d Trump said. <\/span><\/p>\n<p><span>Massachusetts Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee, predicted Warsh would simply be a \u201csock puppet\u201d for Trump. She and all but one Senate Democrat opposed his confirmation. The 54-45 vote was the narrowest since 1977, when Senate approval was first required for the president\u2019s picks for Fed chair. <\/span><\/p>\n<p><span>That requirement is one of several changes made by Congresssince the Fed was created in 1913 to wall it off from the president. <\/span><\/p>\n<p><span>For its first two decades, the Treasury secretary also led the Fed, giving the president strong sway. Congress changed that in 1935, establishing a chair who would be appointed by the president, but \u2014 unlike a Cabinet secretary \u2014 could only be \u201cremoved for cause,\u201d generally interpreted to mean malfeasance or dereliction of duty.<\/span><\/p>\n<p><span>Trump nominated Warsh on Jan. 30 ahead of Powell\u2019s second four-year term as chair expiring on May 22. But the criminal probe of Powell created a problem with a key Republican, North Carolina Senator Thom Tillis, who was angered by the move. <\/span><\/p>\n<p><span>The path was cleared for Warsh\u2019s confirmation in late April after Jeanine Pirro, US attorney for Washington, D.C., announced she had directed her office to close the investigation. That satisfied Tillis. But not Powell.<\/span><\/p>\n<p><span>He broke with tradition and decided to stay on at the Fed as a member of the board, as his 14-year term lasts until early2028. He told reporters he would not leave \u201cuntil this investigation is well and truly over with transparency and finality.\u201d<\/span><\/p>\n<p><span>The move denied Trump a Fed vacancy he could try to fill with an appointee in line with his desire for lower interest rates.<\/span><\/p>\n<p><span>White House spokesman Kush Desai said concerns about Trump meddling with Fed decisions are misplaced, pointing to Trump\u2019s comments about independence at the May 22 ceremony. <\/span><\/p>\n<p><span>\u201cThe president, however, maintains his First Amendment right as an American citizen and duty as commander in chief to call out policy mistakes that undermine America and the American people,\u201d Desai said.<\/span><\/p>\n<p><span>Translation: Trump is likely to keep the pressure on Warsh.<\/span><\/p>\n<p><span>Blinder, who was appointed Fed vice chair by former President Bill Clinton, said Warsh was a better choice than other reported candidates. But Trump\u2019s obsession with low interest rates still worries him.<\/span><\/p>\n<p><span>\u201cWarsh convinced Trump to appoint him, even though Warsh has a lifetime record of being a hawk on inflation,\u201d he said. \u201cI\u2019d like to know . . . what kind of a deal was cut between Warsh and Trump.\u201d <\/span><\/p>\n<p><span>Given the recent rise in inflation amid high gas prices caused by the Iran war, most economists don\u2019t expect the Fed to cut interest rates at Warsh\u2019s first meeting June 16-17. Some believe the Fed might instead need to raise interest rates. In an interview that aired on June 7, Trump said that would be unacceptable. <\/span><\/p>\n<p><span>\u201cKevin is fantastic, and I want him to do whatever he wants,\u201d Trump told NBC\u2019s \u201cMeet the Press,\u201d saying the traditional thing before adding, \u201cI don\u2019t want to have a big influence on him.\u201d<\/span><\/p>\n<p><span>Then Trump made clear what he wants Warsh to do: \u201cWe should actually lower interest rates.\u201d<\/span><\/p>\n<p><span>It\u2019s highly unlikely Warsh could get a majority of the 12 voting members of the central bank\u2019s monetary policy committee to agree to such a move right now, Blinder said.<\/span><\/p>\n<p><span>\u201dWhether that will make Donald Trump blow his stack or not, I don\u2019t know,\u201d he said.<\/span><\/p>\n<p><span>And Powell won\u2019t have to worry about being at the center of the storm anymore. <\/span><\/p>\n<p><span>Still, as a highly respected former chair, he\u2019s likely to retain some influence over the committee\u2019s interest rate decisions and continue to be a voice for the central bank\u2019s independence.<\/span><\/p>\n<p><span>\u201cWe\u2019re just waiting to see how long it takes for Warsh and the president to be at odds, because fundamentally they will be,\u201d said Richardson, the former Fed historian. To be viewed favorably by history, he added, Warsh will have to withstand the presidential pressure the way Powell did.<\/span><\/p>\n<p><span>\u201cHe will most be remembered . . . for the way he handled the attacks on the Fed,\u201d Richardson said of Powell, \u201cand the way he stood up for the independence of this institution.\u201d<\/span><\/p>\n<p>Read more <a href=\"https:\/\/bostonrelocationinsider.com\/?p=2521\">Brooks Koepka goes on late birdie run and shares Canadian Open lead with five players<\/a><\/p>\n<\/p>\n<\/div>\n<\/article>\n","protected":false},"excerpt":{"rendered":"<p>Congress designed the Federal Reserve to be uniquely insulated from presidential interference because of its crucial role in the economy. Trump has pushed to change that.<\/p>\n","protected":false},"author":1,"featured_media":2526,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2527","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>In trying to control Washington\u2019s most independent agency, Trump risks economic damage - Boston Relocation Insider<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bostonrelocationinsider.com\/?p=2527\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In trying to control Washington\u2019s most independent agency, Trump risks economic damage - Boston Relocation Insider\" \/>\n<meta property=\"og:description\" content=\"Congress designed the Federal Reserve to be uniquely insulated from presidential interference because of its crucial role in the economy. 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