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Neither Party Well-Liked, but GOP Holds Advantage on Issues
(news.gallup.com)
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this post was submitted on 04 Oct 2023
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politics
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You think the president controls interest rates? Lmfao. Interest rates have nothing to do with who is president. At all...ever.
Interest rates are controlled by the chair of the Federal Reserve, Jerome Powell.
Who nominates the chair of the Federal Reserve again? Ohhhh... riiiighht...
https://www.whitehouse.gov/briefing-room/statements-releases/2021/11/22/president-biden-nominates-jerome-powell-to-serve-as-chair-of-the-federal-reserve-dr-lael-brainard-to-serve-as-vice-chair/
https://www.nbcnews.com/business/economy/fed-chair-powell-calls-inflation-high-warns-more-interest-rate-hikes-rcna101800
So not the president as you asserted? Great glad you can admit you were wrong with proof.
Also this guy picked same as the last guy so you can blame this guy even less...
You just destroyed your own attack on Biden.
It's like blaming Biden for following through with Trump's plan to pull out of Afghanistan.
Partisan hacks like you are so predictable.
You do know how appointments by the executive branch work, right? And who the head of the executive branch is, correct?
So, yes, the Biden administration has a direct responsibility for rising interest rates. If Biden wanted to lower them, he would tell the Fed to lower them.
That's not how the fed works. Biden doesn't tell Powell what to do. Powell isn't "under" Biden in any sense of the word. He doesn't answer to any president.
Policy is the sole responsibility of fed chair. End of story. It is not relevant who appointed them.
You just keep destroying your own argument more and more. It's really funny.
Who appointed them is absolutely relevant because just as they were appointed, they could be removed as well.
https://www.bankrate.com/banking/federal-reserve/how-the-president-can-influence-federal-reserve-powell/#p1
"Section 10 of the Federal Reserve Act of 1913 specifies that Fed governors can be “sooner removed for cause by the president.” The Fed chair is also considered a governor, meaning this provision likely extends to him or her as well, says Sarah Binder, professor of political science at George Washington University, who studies the Fed’s relationship with Congress."
Further, we've done it before even without the "for cause" provision:
"The Truman administration forced Thomas McCabe to resign after about three years as Fed chair, appointing William McChesney Martin Jr. in his place, but no president has attempted to fire a Fed chief before using the “cause” provision."
So, yes, absolutely, the President can (and has) replaced the Fed Chair.
You moved the goalposts.
You said pres determines interest rates.
Now you've changed that to President can replace fed chair.
You've been a perfect example of debating in bad faith as well as using fallacious arguments.
In other words sorry you're wrong and you lost end of Convo.
Byeeeee