00:00The U.S. Central Bank risks losing its credibility if presidents were able to dismiss officials over policy disagreements,
00:07according to former Federal Reserve Chair Jerome Powell.
00:11In his first remarks since leaving the role and being succeeded by Kevin Walsh,
00:15Powell says allowing such removals would set a dangerous president.
00:20He argued that public confidence in the Central Bank would weaken
00:24if its decisions were no longer seen as serving the interests of all Americans.
00:28Powell's comments came as the U.S. Supreme Court is deliberating the case of Federal Reserve Governor Lisa Cook,
00:34who President Donald Trump has sought to remove from office.
00:38Trump has accused Cook of mortgage fraud, an allegation she has denied.
00:42Powell also stressed that the Federal Reserve's legal protections are designed to shield monetary policy decisions from political influence.
00:50He also acknowledged the deep political divisions that exist across the U.S.,
00:54but called for continued support of the principles that underpin the country's institutions.
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