US House Speaker: I Am "Disappointed" in Powell

According to Jinse Finance, U.S. House Speaker Johnson expressed his disappointment with Federal Reserve Chairman Powell, following ongoing criticism from former President Trump over high interest rates. When asked whether he would support Trump in dismissing Powell, Johnson stated that he was unsure whether there is any legal authority to remove the Fed Chair. Johnson also hinted that he is open to amending the Federal Reserve Act. This law, enacted in 1913, established the U.S. central banking system, and Fed officials have traditionally resisted such changes. The last major revision to the law was in 2010, as part of the Dodd-Frank Act, which aimed to strengthen oversight of large banks after the financial crisis. Johnson also said, "I think all scrutiny is appropriate." He referred to an investigation into the renovation costs of the Fed’s downtown office building, as well as Treasury Secretary Bessant’s decision to investigate whether the Fed has engaged in "mission creep." (Jin10)