Trump Says Fed Chair Powell Is Incompetent or Crooked

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00:00President Trump, his administration, looking like it's putting pressure on Jerome Powell

00:06with an investigation opened by Jeanine Pirro.

00:10Do we get any more detail from the president about that?

00:13Well, at this point, Matt, this White House is putting forward that President Trump did not direct

00:19or have knowledge of the investigation.

00:22As a person familiar does tell us here at Bloomberg News that it appears that the U.S.

00:26Attorney General for the District of Columbia, Jeanine Pirro, greenlit the subpoenas against

00:32Powell without consulting with her bosses at the Department of Justice.

00:36Still, it is clear that this administration isn't going to let up its pressure and President

00:41Trump's rhetoric when it comes to pressuring the Fed chair.

00:44This does come, though, against a backdrop of a broader pushback on Capitol Hill by Republicans.

00:49I know that you've been covering this on the program yesterday and today, but there is

00:54some significant pushback building that could potentially pose a issue for this investigation

01:01as Republican Senator Tom Tillis, a member of the Senate Banking Committee, is threatening

01:05to block any nominations until this legal matter is resolved.

01:10Matt, we heard even more in the recent hours, including the House Financial Services chair,

01:15French Hill, who is also calling this an unnecessary distraction.

01:18At the same time, we have the split screen, the president talking, continuing to voice his

01:23dissatisfaction with Powell.

01:24Meanwhile, you're getting House Speaker Johnson and John Thune, the Senate Majority Leader,

01:30speaking on credit cards.

01:31Thune saying, not advocating for a credit card interest rate cap.

01:35It would mean many lose access to credit.

01:39Johnson basically then saying, a lot of work to do to build consensus on the credit rate cap.

01:45Tyler, does there seem to be any appetite from this Congress in order to push through this

01:50specific policy from the president?

01:52Well, it does depend who you ask on Capitol Hill, Danny.

01:55And we do have to keep in mind that there is a very powerful lobbying group for big banks

01:59on Capitol Hill that are no doubt unhappy about this announcement from President Trump.

02:04But it definitely does pull on the more populous parts of the policy.

02:07We can say that there has been at least one idea floated that would put that 10 percent

02:13rate cap on.

02:15That was by Republican Senator Josh Hawley team teaming up with Senator Bernie Sanders last

02:22year.

02:22We'll have to see if that legislation comes back around in a certain iteration.

02:26But to your point, this really does continue a broader theme of what we've heard from President

02:31Trump in recent days, floating a litany of ideas that he says are geared towards affordability.

02:36But the common theme is that he needs Congress to ultimately enact them, such as his proposal

02:40for a ban on institutional investors buying single-family homes.

02:44We'll have to see where it goes from here.

02:46Really, what Congress is likely going to do is that they're going to start to hold a series

02:49of hearings on this, start to get sort of a public feedback period before they start

02:55putting pen to paper on any potential legislation.

02:59I mean, it's interesting to hear that, you know, Josh Hawley is working with Bernie Sanders.

03:04It was interesting for me to hear that President Trump held a phone call with Elizabeth Warren,

03:10and she kind of made it seem like he was almost asking her for advice.

03:14Are we going to start to see more of the Trump administration working with people on the very

03:21far to the political left in order to put these affordability issues into place?

03:27Well, it probably depends on exactly what the proposal is, but you're exactly right.

03:32Senator Elizabeth Warren telling us last night on Balance of Power that the pair spoke solely

03:37about the cost of living during their phone discussion.

03:40Also, probably worth pointing out, then Senator J.D. Vance once did pair up with Elizabeth Warren

03:46on a bill that would cut down on credit card swipe fees, something else that President Trump

03:50is putting to the forefront, elevating somebody else that was on Balance of Power.

03:53Last night, Senator Roger Marshall, who has teamed up with Democratic Senator Dick Durbin on a bill

03:58that would do just that. It does appear that this president is trying to move more towards

04:03his more populist messaging. We're probably going to get that later on today when he does speak at

04:08both the Detroit Economic Club, but also tore a Ford Motors factory plant where I believe they make

04:14F-150s. Matt, you probably know better than me on that one. But there's going to be this push when

04:20it comes to domestic manufacturing and protectionist policies that align with the sort of messaging

04:25that you're currently hearing from this White House.

04:26They built a truck for me there once, Tyler. I know it well. And actually, I'm going there

04:30tomorrow as well. So Tyler Kendall in Washington, thanks very much.

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