The Federal Reserve should be “independent,” but it cannot exist in a vacuum either, because American voters, the president, Congress, and economic data should all play a role in monetary policy, not just Fed Chair Jerome Powell, according to Sen. James Lankford, R-Okla.
“I think the Federal Reserve should set that,” Lankford told NBC’s “Meet the Press” on Sunday of interest rate decisions, “but obviously the president, the president’s policy, and quite frankly, members of Congress, we are very involved in this.”
Lankford pointed back to the tax policies in the One Big Beautiful Bill Act in demonstrating how the checks and balances of the Constitution work.
“That is Congress engaging to be able to actually help the economy,” Lankford continued. “The president has a role, as he’s doing with tariffs in multiple different ways to be able to negotiate more deals. The Federal Reserve also has a role in this.
“So all of us have a role in it. We just have a different role.
“The Federal Reserve is at its best when it’s independent, but they’re not independent of the entire American people.”
Trump has argued “Too Late” Powell has kept interest rates too high for too long, damaging the real estate market and costing American taxpayers billions in interest on the exploding national debt.
Ultimately, the independence of the Fed cannot be more powerful than the will of the American people.
“I do think it’s important for them to be independent,” Lankford concluded. “I also think it’s important for the president to do that and Congress to do that as well.
“Let’s each do our job on that.”
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