Spread the loveJerome Powell came out to defend the integrity and sovereignty of the Federal Reserve. “The reason is that monetary policy can be used, you know, through an election cycle to affect the economy in a way that will be politically worthwhile,” Powell said. I don’t believe we will… it’s enabled central banks generally not to be perfect, but to serve the public well.”I do not agree with Trump that political leaders should control the Federal Reserve or dictate monetary policy. However, that does not mean the Federal Reserve is genuinely independent, nor does it mean that its structure has “served the people well,” as Powell claims. The Federal Reserve is appointed by politicians, confirmed by politicians, and ultimately exists to support government financing.