Trump’s Fed Chair Pick Defends Independence From the President

“The problem is that President Trump has said he’s not going to appoint anybody who wouldn’t agree to lower interest rates. Have you agreed with the president that you’re going to lower interest rates?” “Senator, I’m glad you framed it that way. The president never asked me to predetermine, commit, fix, decide on any interest rate decision in any of our discussions, nor would I ever agree to do so.” “Name one aspect of President Trump’s economic agenda with which you disagree.” “Well, Senator, the Federal Reserve in recent years has wandered outside of its remit, wandered into other —” “I’m asking for something —” “That’s not something I’m prepared to do. If I’m confirmed, the Federal Reserve should stay in its lane.” “Just one.” “Reviewing your record, I am concerned that your position on interest rates seems to shift with what’s politically convenient, rather than based on sound economic judgment. In the aftermath of the 2008 financial crisis, the worst recession since the Great Depression, with some of the worst unemployment in our lifetimes, you were a hawkish voice expressing concern that the Fed might wait too long to raise rates. I think you got it wrong then, but now you seem to have swung 180 degrees in the opposite direction to embrace lower rates, a view that conveniently aligns with the president who nominated you.” “You have $100 million in undisclosed assets. And what I’m asking is, are any of those with this outfit that invests in companies affiliated with President Trump or his family, companies that have facilitated money laundering, Chinese-controlled companies or financing vehicles set up by Jeffrey Epstein? It’s a yes or no question.” “Senator, I have worked tirelessly with the ethics officials at the Office of Government Ethics —” “Yes, and you have not —” “And have agreed, Senator, to sell all of my financial assets, including the Ukraine assets —” “Are you refusing to tell us?”