Federal Reserve Chairman Jerome Powell found a safe harbor on Capitol Hill from President trumpDonald John Trump Controversial platform Gab criticizes the White House for not inviting her to the summit of social networks Republican Party Senator: EE. UU He should "reevaluate" the long-term relationship with Saudis Pelosi, he reportedly told deputy Trump: "What was your name, dear?" PLUSAttacks with blisters against the central bank and its boss.
In consecutive appearances before congressional committees on Wednesday and Thursday, Powell won praise from lawmakers of both parties amid growing criticism and threats from Trump about his work.
Powell, a Republican first appointed to the Fed by former President Obama in 2012, enjoyed broad bipartisan support when Trump elected him to head the central bank in 2017. Since then, the president has spoiled his elite President of the Fed, accusing Powell of restricting the Economy and hampering its trade agenda.
Republicans have been reluctant to denounce Trump when he kicks off Powell and pressures the Fed to lower interest rates. While few Republican Party lawmakers support Trump's attacks, most have accepted or defended the president's right to criticize the central bank.
But Powell himself enjoyed an impressive amount of bipartisan support in his Wednesday and Thursday presentations before the committees of the House of Financial Services and the Senate, respectively.
Lawmakers praised Powell for leading the central bank with transparency and integrity, rejecting Trump's claims that "we do not have a Federal Reserve that knows what they are doing."
"You have done an excellent job," Sen said. Pat ToomeyPatrick (Pat) Joseph ToomeyNSA misclassified US phone records. UU In October, new documents show Overnight Defense: The election of the South Korean envoy is divided with Trump over the nuclear threat | McCain launches move to suspend Korean military exercises | The White House defends Trump's salute to North Korea's general, WH, reinforces comments on Trump's "due process" over weapons MORE (R-Pa.), One of the fiercest critics of monetary policy after the Fed crisis. "You were able to normalize from this strange experiment, and here we are with some terrible consequences."
Senator Bob MenéndezRobert (Bob) Menendez Senate approves Border Bill .5B, preparing a fight with the House Senate to vote on the blockade of Trump's Saudi arms deal as early as this week. There is a serious shortage of doctors and it will only worsen MORE (N.J.), a senior Democrat of the Banking Committee, praised Powell for rejecting Trump's repeated insistence that he can fire the president, even though legal experts and Fed watchers disagree.
"I do not always think the Fed does things right. "Our system is infinitely superior to one where the president dictates interest rates, especially when we go to the elections," Menéndez said. "I think I speak on behalf of all my colleagues and I say we applaud their efforts to keep the Federal Reserve as an independent and non-partisan institution."
Powell faces a careful balancing act as he and the Federal Reserve try to extend an unprecedented stretch of economic growth: defend a possible interest rate cut while affirming the Trump bank's independence.
Trump has asked the Fed to reduce interest rates and has hit the bank by increasing four times in 2018.
"We are paying a lot of interest and it is unnecessary, but we do not have a Federal Reserve that knows what they are doing," Trump said Friday.
Powell has largely renounced Trump's attacks and insisted he would not abandon the presidency if the president tried to fire him or demean him. His resilience won him praise from lawmakers, even those who train with Powell in politics.
Rep. Maxine WatersMaxine Moore WatersHillicon Valley: Trump officials will investigate French tax on technological giants | Fed president raises concerns about Facebook's cryptography project | FCC blocks part of San Francisco law on broadband competition | Members of the Chamber warn about the misinformation "battle" The head of the Fed: The cryptography project of Facebook raises "serious concerns" for the economy, the head of the Fed of consumers strongly suggests the cut in rates in July in the testimony of the House of Representatives MORE (D-Calif.), Chair of the Financial Services Committee, set the tone Wednesday when she asked Powell what he would do if Trump told him to step down.
After Powell responded: "Of course, I would not," Waters joked, "I can not hear you," eliciting laughter in the committee room and drawing a smile from the often stoic Fed chairman.
"The law clearly gives me a four-year term and I intended to comply with it," Powell added.
"I hope everyone has heard that," Waters replied.
The next day, Toomey praised Powell for saying he will not abandon the Federal Reserve until his term ends, even when Trump dismisses him.
"I am glad to know that this is his conclusion, partly because I believe it is important for the Fed to remain isolated from political pressure," Toomey said before praising Powell's efforts to bring interest rates close to zero at a neutral level. .
Senator Mark WarnerMark Robert Warner Republicans say they are satisfied with the security of the 2020 election after the classified briefings Senators question DHS about the poor functioning of the voting team in North Carolina The former representative of the Republican Party launches a campaign in the Senate in Virginia MORE (D-Va.), A prominent moderate banking panel, said he was "proud" to be one of the 84 senators who voted to confirm Powell as president in January 2018.
And sen. Richard ShelbyRichard Craig ShelbyThe Hill's morning report: the nervousness of 2020 affected both parties in the nightmarish scenario of the Republican Senate Party in the Senate primaries. Great anxiety hits the Senate by raising the debt ceiling MORE (R-Ala.) He praised Powell for his "work to keep the Federal Reserve independent of both parties."
"We salute you for that," Shelby added.
Powell's bipartisan appeal is due in large part to his frequent visits to Capitol Hill and its open lines of communication. Lawmakers often say that Powell meets with them much more frequently than his predecessors, and analyzes of their schedules support that conclusion.
Powell can often be seen throwing himself between meetings in the House of Representatives and the Senate, accompanied by a security phalanx and a thick folder. As a former Treasury Department official, Powell is familiar with obtaining congressional support and pledged to dress the thin Capitol carpets when meeting with lawmakers.
Powell's moderate positions and his unique position as both Obama's and Trump's designated have helped him turn it into a wide variety of lawmakers.
Powell voted a step-by-step with his predecessor Democrat, former Fed chairman Janet YellenJanet Louise Yellen The new bill will put the labor market into operation in all cylinders Powell told Congress that the Fed is preparing for the economic "damage" to climate change that the Senate needs to address Trump's Nixon vision of the FedTo maintain low interest rates much later than many Republicans would have preferred. But it also supports the flexibilization of some Dodd-Frank financial regulations, a long-time Republican goal that many Democrats oppose.
"You pledged to me to realize that this job and function required an independent chairman of the Fed that is not subject to political pressure and repentance," Warner said.
"I think you've stuck to your weapons until now, but I want you to keep sticking to your weapons."