New York Times: The Fed Faces Criticism as It Wades Into Climate and Equity Issues. The Federal Reserve is proudly politically independent. That makes key discussions around climate change and racial inequity a balancing act.
In mid-2019, Jerome H. Powell fielded a question from reporters that he often faced in those days: Were politics, and particularly a pressure campaign coming from Donald J. Trump’s White House to cut interest rates, influencing the Federal Reserve’s policy stance?
Mr. Powell, the central bank chair, tried as he had for months to convince the public that he and his colleagues were not bowing to the Republican administration. “We never take into account political considerations,” he said.