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Fed Chair Candidate: Trump Won't Influence Policy Decisions

12/15/2025

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Summary

Story summary

Kevin Hassett, a leading candidate for Federal Reserve chair, said U.S. President Donald Trump would hold "no weight" on Federal Reserve policy if appointed.
Hassett emphasized the Federal Reserve's independence and consensus among board members.
Trump has publicly criticized Jerome Powell and says the next Fed chair should consider his advice on interest rates.
The decision on the new Fed chair is expected before Powell's term ends in May 2026.

History

Historical Context

The Federal Reserve Act, enacted on December 23, 1913, established the Federal Reserve System to stabilize the U.S. economy following the Panic of 1907. This act aimed to create an independent central bank, free from political influence, to manage monetary policy. The Fed's independence remains crucial today, echoing past tensions like those during Franklin D. Roosevelt's presidency amid the Great Depression.

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Story summary

Kevin Hassett, a leading candidate for Federal Reserve chair, said U.S. President Donald Trump would hold "no weight" on Federal Reserve policy if appointed.
Hassett emphasized the Federal Reserve's independence and consensus among board members.
Trump has publicly criticized Jerome Powell and says the next Fed chair should consider his advice on interest rates.
The decision on the new Fed chair is expected before Powell's term ends in May 2026.

1 / 2