Republican senators caution Trump against firing US Fed chair Jerome Powell
As Trump seemingly waffled back and forth this week on trying to dismiss the Fed chair, some Republicans in Congress began to speak up and warn that such a move would be a mistake. Trump would potentially obliterate the Fed's independence from political influence and inject uncertainty into the foundations of the US economy if he fires Powell.
'If anybody thinks it would be a good idea for the Fed to become another agency in the government subject to the president, they're making a huge mistake,' GOP North Carolina Sen. Thom Tillis said in a floor speech.
The measure of support from GOP members of the Senate Committee on Banking, Housing, and Urban Affairs showed how traditional Republicans are carefully navigating a presidency in which Trump often flirts with ideas — like steep tariffs or firing the Fed chair — that threaten to undermine confidence in the US economy.
Tillis, who recently decided not to seek reelection after clashing with Trump, later told The Associated Press that the economic fallout from Powell's firing would mostly hurt 'little guys like me that grew up in trailer parks that may have a few thousand dollars in a 401k.'
He also pointed out that the underlying complaint that Trump has with the Fed — its reluctance to cut interest rates — is not controlled by Powell alone, but instead a 12-member committee.
'The markets expect an independent, central bank,' said GOP South Dakota Sen. Mike Rounds, who cautioned against firing Powell. 'And if they thought for a minute that he wasn't independent, it would cast a spell over the forecasts and the integrity of the decisions being made by the bank.'
Still, plenty of other Republicans think that dismissing Powell is a fine idea.
'The most incompetent, worst Federal Reserve chairman in American history should resign,' said GOP Ohio Sen. Bernie Moreno.
Trump said he was also encouraged to fire Powell during a meeting with about a dozen far-right House members Tuesday evening.
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The Hindu
21 minutes ago
- The Hindu
Drift in India's foreign policy a matter of serious concern; time for course correction: Congress
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Congress spokesperson Anand Sharma said that the 'drift' in India's foreign policy was a matter of serious concern as it had weakened India's voice in the comity of nations and suggested the government recalibrate its policy, do honest introspection and course correction in the country's foreign policy approach. He also said the Indo-U.S. trade agreement, talks for which were continuing, should be done keeping national interest foremost and no trade pact should be done under pressure. 'There's a matter of serious concern: that is a drift in our foreign policy — a visible decline of India's influence in the world and the very fact that there had been fundamental departures to the detriment of India's standing in the comity of nations at the United Nations,' Mr. Sharma said at a press conference. The Congress leader called for a comprehensive debate on India's foreign policy matters in Parliament and said no country in a democracy avoids or evades a discussion on its foreign policy. 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The Congress leader said the government of the day had the mandate to make decisions, but when it came to foreign policy, it involved everyone, and that's why consensus was important. 'Unfortunately, that national consensus has been weakened in recent years, if not completely broken many occasions the government has arbitrarily chosen to depart from India's traditional positions without consulting either the Parliament or informing it,' he alleged. Mr. Sharma said India commanded an authority and respect in the world not because 'we were a major economic or military power, but because we had the moral authority'. 'We were acknowledged as a voice of humanity. And that's why wherever the crisis came in the world, those affected countries looked up to India. Unfortunately, that's no more the case,' he noted, adding that it was up to the government that how it retrieves India's standing and rebuilds national consensus. 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Mr. Sharma also said that on June 12, when the UN General Assembly discussed the issue of Israeli attacks on Gaza and a resolution for immediate ceasefire and cessation of hostilities was brought on the matter and voted upon, 149 countries voted for the resolution, while India, the land of Gandhi, chose to abstain and didn't vote for peace and ceasefire. 'That's painful and unacceptable. This one action diminished India's credibility as the leader of the Global South. All the countries of the Global South voted for peace. How come the leader did not?' he asked. Mr. Sharma claimed that not just the Global South, major European countries, including two permanent UN members, as well as 'our traditional partners in BRICS, all four', voted in favour of a ceasefire. 'These countries in Europe also have good relations with Israel and the U.S., yet they voted for humanity, but we did not,' he said, adding that this was a fundamental departure from India's traditional position. 'We would urge the government that they should, as we wish to be, reclaim our moral standing as the voice of the Global South by speaking on this and prevail on our strategic and traditional partners to work for bringing peace in Gaza and the region,' the Congress leader said.
Indian Express
21 minutes ago
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The DOGE inspired bill that could break—or cement—Trump's govt overhaul
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The Hindu
21 minutes ago
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RRP Defence ties up with French firm CYGR to produce drones in India
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