JPMorgan warnt: Trumps Fed-Nominierung Stephen Miran könnte Probleme bringen
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Concerns are growing over Congress’s power to reshape the Federal Reserve
Congress has the legal authority to change the Fed’s mission and powers. Last month, Wharton finance professor Jeremy Siegel told CNBC that Chair Jerome Powell might need to resign if he wants to protect the central bank’s long-term independence.
Siegel warned that if the economy falters, Trump could make Powell a “perfect scapegoat” and push Congress to grant the White House more control over the Fed. He noted that the Federal Reserve, created by the Federal Reserve Act of 1913, is not mentioned in the Constitution and has had its powers altered by Congress multiple times.
Senator Bernie Moreno, a Republican of Ohio, indicated last week that he is open to revising the Federal Reserve Act. His targets include the interest the Fed pays on bank reserves and its dual mandate. However, Moreno also said he supports the concept of central bank independence.
JPMorgan analysts said the Fed still enjoys enough backing in the Senate to make major legislative changes difficult, given the 60-vote threshold needed to bypass a filibuster.
Even so, the bank’s analysts believe the Fed will treat the threat to its independence seriously and may seek to defend it by making some concessions to the White House and Congress.
A tilt toward easier monetary policy could happen under persistent calls from the White House to lower interest rates. Rates have stayed steady as the Fed monitors inflation risks, particularly from Trump’s tariffs.
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