Powell Insists on Fed Independence From “Political Pressures”

Oct 08, 2019

Federal Reserve Chairman Jerome Powell paid tribute to one of his predecessors by emphasizing the importance of an independent central bank that is not influenced by partisan pressures.

According to an Associated Press report, Powell used a Salt Lake City appearance at the premiere of a documentary about former Federal Reserve Chairman Marriner Eccles. Powell did not mention President Trump by name, nor did he refer to the series of often-insulting tweets that the President aimed at him and the other Fed officers. But there was no subtlety in his direct message about the Fed’s freedom from political agendas.

“Perhaps most importantly from my perspective as Fed Chair, he is responsible more than any other person for the fact that the United States today has an independent central bank—a central bank able to make decisions in the long-term best interest of the economy, without regard to the political pressures of the moment,” Powell said.

To reinforce his point, Powell added a quote from Marriner, who served as Fed Chairman from 1934 to 1948.

“I leave you with this statement from Marriner, inscribed on a plaque in the Eccles Building: ‘The management of the central bank must be absolutely free from the dangers of control by politics and by private interests, singly or combined,’” Powell said.

President Trump has publicly lashed out at Powell, revently questioning whether Powell was a greater threat to the national economy than Chinese Xi Jinping.

About the author

Phil Hall

Link copied

Published

Oct 08, 2019

Analysis and Data

Redfin: Homebuyers Gain Leverage, But Pending Sales Keep Sliding

Pending sales fall 16.4% from a year ago despite lower home prices and mortgage payments, as sellers retreat from a weakening market

Home prices are falling. Mortgage payments are easing. Sellers are becoming more willing to negotiate. Yet the housing market keeps losing buyers.Pending home sales fell 16.4% year over year during the four weeks ending Nov. 1, reaching their lowest level in Redfin's weekly ...

Tech

New AI-Run Mortgage Startup Builds Database Of 224,000 LOs

LenDb.ai is making LO records available to AI assistants, offering a potential new way for borrowers to find originators

A new mortgage technology startup is betting that borrowers will increasingly turn to artificial intelligence to find a loan originator, and it wants to make sure AI knows whom to recommend.LenDb.ai, launched Thursday by venture studio Draper Goren Blockchain, has assembled ...

Jan

Uncasville, CT

More from

Regulation and Compliance

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Regulation and Compliance

Nov 05, 2026

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations

Regulation and Compliance

Nov 02, 2026

UAD 3.6 Deadline Is Monday. Are Brokers Ready?

Wholesale lenders have adopted different rules for appraisal transfers, loan product changes, and reporting formats, adding complications for brokers and appraisers ahead of the Nov. 2 mandate

Regulation and Compliance

Oct 27, 2026

Friday Harbor Expands AI Appraisal Reviews As UAD 3.6 Deadline Nears

The new capability adds more than 350 automated checks as lenders prepare for the November 2 mandate

Tech

Oct 27, 2026

The Hidden Cost Of Appraisal Uncertainty

As home equity lending grows, lenders need a better way to resolve conflicting property evidence before it creates costly setbacks

Regulation and Compliance

Oct 25, 2026