Why Fed independence is crucial
Marketplace
Marketplace
4.6 • 8.5K Ratings
🗓️ 28 October 2024
⏱️ 28 minutes
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Summary
If Donald Trump is reelected president, the Federal Reserve’s political independence would go “right out the window,” Alan Blinder, a former Fed vice chairman, told us. In this special episode, economists weigh in on the importance of Fed autonomy in policymaking, and what political interference — something Trump is threatening — could mean for the global economy.
Transcript
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| 0:19.6 | Marketplace. |
| 0:20.8 | What do you suppose happens if the Federal Reserve stops really being the Federal Reserve |
| 0:29.2 | from American public media, this is marketplace. |
| 0:35.0 | In Los Angeles, I'm Ka, Rizdahl. It is Monday, today, the 28th of October. |
| 0:48.0 | Good as always to have you along, everybody. We are, as I speak, a week and a day away from the end of voting in the 2024 election. |
| 0:57.8 | It has been, as we all know, a campaign unlike any other. |
| 1:02.3 | We are not going to recap because honestly nobody |
| 1:05.5 | needs that. What we are going to do though is a little what if because there's |
| 1:10.9 | something that's been happening that's kind of gotten lost in everything. |
| 1:15.0 | What if the most important economic institution in this country, literally of global importance, in part because of its credibility and political |
| 1:25.0 | independence, suddenly isn't independent or credible anymore. |
| 1:31.2 | I have the right to remove. I'm not doing that. |
| 1:34.0 | No, I'm not doing that. |
| 1:35.0 | I have the right to also take him and put him in a regular position and put somebody else in charge. |
| 1:40.6 | And I haven't made any decisions on that. That's then President Donald Trump at the White House in March of 2020, |
| 1:47.0 | talking about whether he was going to fire Fed Chair Jay Powell. |
| 1:51.0 | The Federal Reserve gets a lot of coverage on this program because what it does, |
| 1:55.4 | including among many other things, setting interest rates, deciding how much money costs, |
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