Speaker of the House: I am 'disappointed' in Powell
According to Internet reports, U.S. House Speaker Johnson said he was "disappointed" with Federal Reserve Chairman Powell, who had been continuously criticizing U.S. President Trump for his dissatisfaction with high interest rates. When asked if he would support Trump firing Powell, Johnson said he was unclear whether he had the legal authority to remove the Fed chairman. Johnson also hinted that he was open to amending the Federal Reserve Act. The 1913 law established the U.S. central bank system, and Fed officials have historically resisted such changes. The law was last significantly revised in 2010 as part of the Dodd-Frank Act to strengthen supervision of large banks in the aftermath of the financial crisis. Johnson also said: "I think all reviews are appropriate." He mentioned an investigation into the cost of renovating the Federal Reserve's downtown office building and Treasury Secretary Basent's decision to investigate whether the Federal Reserve was conducting "functional expansion." (Jin Shi)
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