President Biden on Thursday falsely claimed he had never spoken to Federal Reserve Chairman Jerome Powell as president, despite meeting with him at the White House two years ago.
“Unlike my predecessor, I will respect the independence of the Federal Reserve in pursuing its mission to control inflation,” Biden said in a speech to the Economic Club of Washington.
“And that independence has served our country well. And by the way, I've never spoken to the Fed chairman since I became president,” Biden added. “If we were to lose that independence, it would do great harm to our economy.”
But in May 2022, Biden met with Powell in the Oval Office and Bloomberg said in a report This will be his third face-to-face meeting with Powell since taking office as president.
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“My plan is to address inflation, and it starts with a simple proposal: respect the Fed, respect the independence of the Fed. I've always done that, and I'll continue to do that,” Biden said at the time.
“The president emphasized to Chairman Powell in this meeting what he has emphasized consistently, including today, and that is that he respects the independence of the Federal Reserve,” Brian Deese, then director of the White House National Economic Council, said after the meeting. According to Reuters.
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President Biden met with Federal Reserve Chairman Jerome Powell in the Oval Office of the White House in Washington, DC on May 31, 2022. (Reuters/Leah Millis)
Even before that, in November 2021, Biden introduced Powell at a press conference announcing his nominees for Federal Reserve chairman and vice chairman.
President Biden announced his nomination of Jerome Powell for a second four-year term on November 22, 2021, in the South Court Auditorium of the Eisenhower Executive Office Building at the White House in Washington, DC. (Reuters/Kevin Lamarque)
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During his presidency, Donald Trump called Powell “ignorant” on Twitter, writing, “We could easily get huge rewards and big gains, but the Fed is preventing them. WE WILL WIN!”
