Federal Reserve Chair Jerome Powell defended the central bank’s independence and urged his successor to stay out of elected politics at a press conference announcing interest rates on Wednesday.
“Don’t get pulled into elected politics. Don’t do it,” Powell said in response to a question by CNN reporter Matt Egan.
“Our window into democratic accountability is Congress, and it’s not a passive burden for us to go to Congress and talk to people, it’s an affirmative, regular obligation,” Powell added. “If you want democratic legitimacy, you earn it by your interactions with our elected overseers, and so it’s something you need to work hard at, and I have worked hard at it.”