Harris responds to Trump's Fed comments, prepares economic policy plan

U.S. Vice President and Democratic presidential candidate Kamala Harris speaks with members of the media before boarding Air Force Two at Detroit Metropolitan Wayne County Airport in Romulus, Michigan, U.S., August 7, 2024.

Elizabeth Frantz | Reuters

Vice President Kamala Harris on Saturday expressed strong disagreement with former President Donald Trump's suggestion this week that U.S. presidents should have a say in the Federal Reserve's interest rate decisions.

“I couldn’t disagree more,” Harris told reporters in Arizona, referring to the Republican presidential nominee’s comments. “The Fed is an independent entity, and as chairman, I will never interfere in decisions that the Fed makes.”

With just 87 days to go until the election, the vice president also told reporters that she is preparing to unveil a formal economic policy platform in the coming days.

“We will focus on the economy and what we need to do to reduce costs and strengthen the economy,” Harris said.

Harris' comments drew a stark contrast between her and Trump, who said this week that the president should “have at least [a] “say” in Fed policy.

“I think in my case, I've made a lot of money, I've been very successful, and I think I have better instincts than, in many cases, the people who would be at the Federal Reserve or the president,” Trump said Thursday at a news conference at his Mar-a-Lago resort.

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Harris also said Saturday that she is monitoring the Fed's upcoming interest rate actions.

“As we know, there has been some turbulence this week. [in global markets]but it seems to have been sorted out, and we'll see what happens [decisions] “They then make decisions,” she told reporters. Harris added that she was briefed on the Fed's decisions “about the same time you are.”

At his Florida press conference, Trump also addressed the public disagreements he had with Fed Chairman Jerome Powell, a fellow Republican, when he was president. Particularly when the board decided to raise interest rates.

“I had to answer to him,” Trump said.

Powell has repeatedly stressed how important it is for the Fed to be fully independent if the central bank is to fulfill its mission.

Free from political pressure, the Fed's board can make decisions based solely on whether they serve the long-term interests of the U.S. economy, not on voter approval.

And while President Joe Biden has not tried to influence the Federal Reserve Board in any way, Powell sometimes faces pressure from the general public.

After last week's turmoil in stock markets, many investors called on Powell to accelerate interest rate cuts ahead of the bank's widely expected rate cuts in September.

For his part, Powell says he wants to know whether the economy will reach the bank's traditional 2% inflation target before he and the board decide whether to cut interest rates.

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