Trump Attacks Federal Reserve Chair

Gage Skidmore from Surprise, AZ, United States of America, CC BY-SA 2.0 , via Wikimedia Commons

In a new interview with Fox News host Sean Hannity, former President Donald Trump stated that he has never been a “big fan” of Federal Reserve Chair Jerome Powell.

As Trump claimed he had “had my own situation with Powell and I beat the hell out of him.” He added that Powell had been recommended by a number of people but that Trump was “not a big fan” because he found Powell to be “too interest rate happy.”

Powell was appointed to his position in 2018 by Trump. Recently the Trump administration and the central bank have faced significant criticism stemming from the accusations that they are responsible for the latest banking crisis which could have been averted if they had not rolled back so many banking regulatory measures.

Some of the tools that were rolled back included the Dodd-Frank banking reform package which had been passed after the 2008 banking crisis. Hannity during the interview asked Trump whether he agreed with bailing out Silicon Valley Bank, which collapsed earlier this month in what is considered the second-largest bank failure in the United States.

Trump stated that he was not in favor of a bailout and that the high-interest rates were the reason that the bank failed.

Powell and the Federal Reserve have also faced a lot of criticism following the collapse of both the Silicon Valley Bank and Signature Bank.