… show the boss, you know, that they're there and they want to clear the gates for a Fed that answers to him. This is not in the President's best interest. I will guarantee you, if the markets believe that the Federal Reserve serves at the pleasure of the President of the United States, we will see a backlash that we have not seen since the Fed was created. That is important. Now, some people can say, okay, Tom, you made your point. Jay Powell's term expires as chair in May, so why not go ahead and fill it? (03:26–03:38)
CLAIM
Asserts that market belief in the Federal Reserve serving at the President's pleasure would cause significant backlash.
This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.
