The World Between Us

Jerome Powell and the Fight for Federal Reserve Independence

38 min · 2. juni 2026
episode Jerome Powell and the Fight for Federal Reserve Independence cover

Beskrivelse

Jerome Powell’s recent actions represent a significant defense of the Federal Reserve’s integrity and independence, which has been maintained for 113 years. In a departure from tradition, Powell decided not to step down from the Federal Reserve after his chairmanship ended on May 15th, choosing instead to serve out his complete term as a governor until 2028. This decision was driven by persistent public attacks and attempts by the executive branch to gain control over the seven-member Board of Governors to manipulate interest rates.The campaign to influence the Federal Reserve included public labeling of Powell as a "criminal" and the initiation of a Department of Justice criminal investigation into him and the Fed. This investigation was ostensibly about cost overruns related to a 100-year-old campus renovation, but it was viewed as a thinly veiled attempt to intimidate Powell for refusing to cut interest rates based on political preferences. Other members of the board, such as Lisa Cook, also faced pressure through allegations of mortgage fraud and legal attempts to bypass her 15-year term without due process.Powell has responded to these pressures by emphasizing that the Federal Reserve’s mandate is price stability and maximum employment, which must be pursued without political fear or favor. He maintains that monetary policy should be directed by economic evidence and analysis rather than political intimidation. According to Powell, the public has a right to expect that decisions are made based on what most benefits the people, regardless of the fortunes of any political party or politician. He argues that if any administration is allowed to remove Fed officials over policy differences, the institution’s credibility—built over decades—would be lost, and future administrations would follow suit.In a recent public address while accepting an award for his stance, Powell framed the defense of the Federal Reserve as a commitment to the rule of law. Citing the principle that the government should be one "of laws, not of men," he argued that public institutions must be preserved even when the work of democracy is noisy or frustrating. He noted that while democratic institutions take significant time and effort to build, they can be destroyed quickly if not safeguarded.By remaining on the board, Powell seeks to prevent an immediate political majority from taking control of the Federal Reserve and potentially destabilizing the economy. His presence ensures that the central bank remains a non-political body focused on its long-term goals rather than the four-year presidential election cycle. Ultimately, his refusal to retire early is presented as a necessary step to protect the credibility and independence of the nation’s central bank. Become a supporter of this podcast: https://www.spreaker.com/podcast/the-world-between-us--6886561/support [https://www.spreaker.com/podcast/the-world-between-us--6886561/support?utm_source=rss&utm_medium=rss&utm_campaign=rss].

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Representative Tom Kean Jr.’s Absence and Congressional Controversies

Representative Tom Kean Jr., representing New Jersey’s 7th District, has been absent from the U.S. House of Representatives for an extended period, leading to growing public concern and political uncertainty. As of late May 2026, he had not been seen in Washington, D.C., for more than 75 days.. Records indicate that his last vote in the House took place on March 5, 2026, and he has since missed a significant number of roll call votes—with reports ranging from 50 to as many as 100 missed instances.The primary reason provided for this lengthy absence is an undisclosed personal medical issue.. While the representative and his staff have released statements asserting that his recovery will be complete and that he intends to return to work "very soon," specific details regarding the nature of the illness remain private. His father, a former governor, has described the condition as serious but temporary, noting that the congressman is receiving medical care away from his family home.The mystery surrounding his whereabouts is intensified by reports from his hometown of Westfield, New Jersey, where neighbors claim they have not seen him or his family for weeks. Observers noted that his residence appeared dark and uninhabited, with a vehicle parked outside covered in pollen, suggesting a lack of recent activity at the property. Despite this physical absence, municipal records show that his local bills, such as sewer and property taxes, have continued to be paid.This absence comes at a critical time for both the representative and his party. He is currently serving his second term and is seeking reelection in a district that has recently shifted from a "lean Republican" advantage to a "toss-up" status.. The narrow majority held by Republicans in the House makes every member's presence vital for passing legislation, particularly during partisan budget reconciliations where the party can only afford to lose a few votes.Despite his medical leave, he remains the only Republican on the primary ballot for June 2, 2026. However, political opponents have criticized the lack of transparency regarding his status, using the vacancy as a focal point in debates and campaigns aimed at flipping the seat. While he has maintained a digital presence through newsletters and social media, the prolonged lack of physical appearances continues to fuel speculation regarding his ability to campaign effectively for the upcoming November general election. Become a supporter of this podcast: https://www.spreaker.com/podcast/the-world-between-us--6886561/support [https://www.spreaker.com/podcast/the-world-between-us--6886561/support?utm_source=rss&utm_medium=rss&utm_campaign=rss].

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episode Jerome Powell and the Fight for Federal Reserve Independence cover

Jerome Powell and the Fight for Federal Reserve Independence

Jerome Powell’s recent actions represent a significant defense of the Federal Reserve’s integrity and independence, which has been maintained for 113 years. In a departure from tradition, Powell decided not to step down from the Federal Reserve after his chairmanship ended on May 15th, choosing instead to serve out his complete term as a governor until 2028. This decision was driven by persistent public attacks and attempts by the executive branch to gain control over the seven-member Board of Governors to manipulate interest rates.The campaign to influence the Federal Reserve included public labeling of Powell as a "criminal" and the initiation of a Department of Justice criminal investigation into him and the Fed. This investigation was ostensibly about cost overruns related to a 100-year-old campus renovation, but it was viewed as a thinly veiled attempt to intimidate Powell for refusing to cut interest rates based on political preferences. Other members of the board, such as Lisa Cook, also faced pressure through allegations of mortgage fraud and legal attempts to bypass her 15-year term without due process.Powell has responded to these pressures by emphasizing that the Federal Reserve’s mandate is price stability and maximum employment, which must be pursued without political fear or favor. He maintains that monetary policy should be directed by economic evidence and analysis rather than political intimidation. According to Powell, the public has a right to expect that decisions are made based on what most benefits the people, regardless of the fortunes of any political party or politician. He argues that if any administration is allowed to remove Fed officials over policy differences, the institution’s credibility—built over decades—would be lost, and future administrations would follow suit.In a recent public address while accepting an award for his stance, Powell framed the defense of the Federal Reserve as a commitment to the rule of law. Citing the principle that the government should be one "of laws, not of men," he argued that public institutions must be preserved even when the work of democracy is noisy or frustrating. He noted that while democratic institutions take significant time and effort to build, they can be destroyed quickly if not safeguarded.By remaining on the board, Powell seeks to prevent an immediate political majority from taking control of the Federal Reserve and potentially destabilizing the economy. His presence ensures that the central bank remains a non-political body focused on its long-term goals rather than the four-year presidential election cycle. Ultimately, his refusal to retire early is presented as a necessary step to protect the credibility and independence of the nation’s central bank. Become a supporter of this podcast: https://www.spreaker.com/podcast/the-world-between-us--6886561/support [https://www.spreaker.com/podcast/the-world-between-us--6886561/support?utm_source=rss&utm_medium=rss&utm_campaign=rss].

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