Former Vice President Joe Biden at the 2019 Iowa Federation of Labor Convection|Gage Skidmore|CC BY-SA 2.0
President Joe Biden met with Fed Chair Jerome Powell Tuesday to discuss ways to fight the rising inflation, which affects the country’s economy and his political expectations.
The President shared his concerns on the rising costs of gasoline, grocery, and other commodities with the Fed Chair and also assured that the Federal Reserve will act independently—without any political pressure.
A different approach
President Biden’s approach to the Federal Reserve is in contrast with Former President Donald Trump, who constantly pressured Powell into cutting interest rates.
Presidents before Trump have stayed away from the Fed because of the simple reason that politics and federal economic policies cannot and should not go hand-in-hand.
The cooperation between Biden and Powell can make a potential difference for the Fed to act independently and restrain higher prices.
