Lawmakers are ‘demeaning their role' by trying to influence the Fed, House finance chair says

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The chair of the House Financial Services Committee said it was an ‘outrage’ that some politicians are trying to direct the central bank’s…

"The Fed should act in the way that the data indicates that they should act. Period," said Rep. Patrick McHenry, R-N.C., chair of the House Financial Services Committee.

Former President Donald Trump said in an August press conference that he believes he should get a say on monetary policy if he wins in November.McHenry, the outgoing chair of the House Financial Services Committee, said it was an '"outrage" that some politicians are publicly lobbying the central bank about rate cuts.

"Senators that are trying to direct the Fed on rate policy are really demeaning their role. … They're demeaning their role as a United States Senator," he added.Coming in the middle of a presidential election cycle, the change in Fed policy has stirred speculation as to whether the central bank would be influenced by political considerations.

Now is your last chance to lock in a guaranteed 5% return before the Fed cuts rates, investing experts say

 

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