Fed chair Powell must denounce politicization of the Fed

Aug. 27, 2019, Fairfax, Va.—Americans for Limited Government President Rick Manning today issued the following statement blasting former New York Federal Reserve President Bill Dudley’s urging that “Fed officials should consider how their decisions will affect the political outcome in 2020”:

“The myth of the Federal Reserve’s political neutrality has been busted by former New York Federal Reserve President Bill Dudley’s non-plussed urging of the Fed to take 2020 political calculations into account when setting monetary policy in order to defeat President Trump in the election. Now that the illusion of a politically neutral Fed has been annihilated, President Trump’s recent focus on the failure of the central bank to take into account competitive devaluations by China and Europe to boost exports, and of exchange rates is vindicated. The audacity the non-elected central bank seeking to impact election outcomes and fiscal policies is only exceeded by the 2016 attempt of the nation’s intelligence agencies and Justice Department to stop the election of Trump and their subsequent efforts to unseat him. Federal Reserve Chairman Jerome Powell needs to denounce Dudley’s remarks immediately and forcefully if the central bank is to retain any shred of credibility.”

Interview Availability: Please contact Americans for Limited Government at 703-383-0880 ext. 1 or at media@limitgov.org.

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