Quantcast
Connect with us

Trump says he’d replace Federal Reserve chief Janet Yellen if he wins US presidency

Published

on

Republican presidential candidate Donald Trump said he would be inclined to replace Federal Reserve Chair Janet Yellen if he is elected U.S. president in the November election despite supporting the central bank’s low interest rates, he told Fortune magazine.

In an interview published late Tuesday, the billionaire real estate mogul also said he “absolutely” backed efforts to diminish the Fed’s power and allow congressional audits, and backed away from his pledge to erase the more than $19 trillion in U.S. debt in eight years.

ADVERTISEMENT

“I think she’s done a serviceable job,” Trump said of Yellen. “I don’t want to comment on reappointment, but I would be more inclined to put other people in.”

Fed officials were not immediately available for comment.

Yellen, the most powerful figure in world finance, took office in February 2014 for a four-year term under President Barack Obama, a Democrat.

Still, Trump backed the Fed’s focus on holding U.S. interest rates down, saying that raising them now would be a blow to the U.S. economy. Trump had accused the Fed in November of keeping interest rates low to help Obama, an assertion the White House has flatly rejected.

“The best thing we have going for us is that interest rates are so low,” he told Fortune.

ADVERTISEMENT

“If rates are 3 percent or 4 percent or whatever, you start adding that kind of number to an already reasonably crippled economy in terms of what we produce, that number is a very scary number,” he added.

Trump told the magazine he would take advantage of lower rates to refinance the country’s debt and boost government spending on infrastructure and the military. Fortune will publish a full transcript of the interview later this week.

On the nation’s debt, Trump moved away from comments he made to the Washington Post earlier this month in which said he would eliminate it “over a period of eight years.”

ADVERTISEMENT

Instead, he told Fortune he could tackle a portion of it.

“You could pay off a percentage of it, depending on how aggressive you want to be,” he said. “I’d rather not be all that aggressive. I’d rather not have debt, but we’re stuck with it.”

ADVERTISEMENT

Trump rival Ted Cruz, a U.S. Senator from Texas, has said he would audit the Federal Reserve and move to a rules-based monetary policy.

Other U.S. presidential candidates, including Democrat Bernie Sanders, have also vowed changes to the Fed.

(Reporting by Washington Newsroom; Editing by Jeffrey Benkoe)

ADVERTISEMENT


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

COVID-19

What is China doing to stop Beijing’s new coronavirus outbreak?

Published

on

Over 1,000 flights have been cancelled, schools shut and residents urged not to leave Beijing, as Chinese authorities race to contain a fresh outbreak linked to the capital's largest wholesale food market.

The number of confirmed cases in the capital has shot up to 137 within the last week after two months of no cases, and four other provinces have revealed cases linked to the Beijing cluster.

How did the outbreak begin, and what measures are Beijing taking to contain it?

- What is the origin of the cluster? -

Beijing had turned into a virtual fortress at the height of the pandemic, with people arriving from other regions or countries required to undergo quarantines.

Continue Reading

2020 Election

Democrats and Never-Trumpers gaming out ‘doomsday scenarios’ if president refuses to leave office: report

Published

on

According to a report in the New York Times, Democratic strategists and Never-Trumper conservatives fear Donald Trump will refuse to leave office should he lose in November and are making plans and figuring out their legal options should such an unprecedented state of affairs come to pass.

The report, by the Times' Reid Epstein, begins with one such possible scenario.

Continue Reading
 

COVID-19

‘Retaliation plain and simple’: Vaccine agency top Doc fired by Trump administration files whistleblower complaint

Published

on

Dr. Rick Bright has retained an attorney and will be filing a whistleblower complaint after the Trump administration fired him from his position as head of the federal agency charged with developing a COVID-19 vaccine. Dr. Bright was moved to a different agency with a narrower focus after he raised concerns over President Donald Trump's obsession with promoting hydroxychloroquine, a malaria drug recent studies found doubles the death rate in coronavirus patients.

Continue Reading
 
 
You need honest news coverage. Help us deliver it. Join Raw Story Investigates for $1. Go ad-free.
close-image