President Joe Biden raised eyebrows Thursday when he claimed he had “never once spoken” to Federal Reserve Chair Jerome Powell since becoming president—a claim that was easily debunked.
On May 31, 2022, Biden met Powell in the Oval Office, where the two discussed inflation alongside Treasury Secretary Janet Yellen.
Biden just claimed that he has "never once spoken to the Chairman of the fed since I became president."
— Greg Price (@greg_price11) September 19, 2024
The guy has literally had several meetings with Jerome Powell in the Oval Office. pic.twitter.com/LZddBKnEC9
Biden’s comment, which came during remarks at the Economic Club of Washington, D.C. and one day after the Fed announced interest rate cuts, was meant to show his respect for the central bank’s independence.
During a White House press briefing later in the day, Council of Economic Advisors Chair Jared Bernstein claimed Biden was referring to a direct conversation with Powell about interest rates.
Q The president, in his remarks about an hour ago, said that he had never spoken with the Fed chairman since he’s been in the White House. That’s obviously not true. They met in the Oval Office in 2022. Could you clarify the president’s remarks there and why did he say that?
CHAIR BERNSTEIN: Sure. The president was saying that he has not spoken to Chair Powell about interest rates. He did not pressure Powell and has never done so. And, in fact, in the speech today that was in the section about Fed independence and about the importance of respecting and — and honoring that independence. It’s obviously a stark contrast with our predecessor.
Never has the president spoken to Chair Powell about interest rates as president, never has he pressured him. And, you know, the reason for that — and I speak to you now as an economic historian — is that countries where that independence have been compromised, economies where that independence have been compromised have been brought to their knees by inflationary pressures time and time again.
So, by respecting the Fed’s independence, the president has done a very important service and has made a real contribution to where we are today.
Q But he misspoke an hour ago, is what you’re saying?
CHAIR BERNSTEIN: The president was saying he’s not spoken to Chair Powell about —
Q (Inaudible.)
CHAIR BERSTEIN: — interest rates as president. That’s what he — that’s certainly what he meant, and he certainly didn’t pressure him in that discussion that occurred in May of ‘22. (White House transcript)
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