U.S. President Donald Trump pushed back against criticism from Jamie Dimon over the Justice Department’s probe into the Federal Reserve, saying the JPMorgan Chase & Co. (JPM) chief was “wrong” to suggest the investigation undermines central bank independence.
“I think it’s fine what I’m doing,” Trump said. “And we have a bad Fed person.”
Dimon earlier raised concerns about the investigation into Jerome Powell, which centers on the cost of renovating the Fed’s headquarters and Powell’s subsequent congressional testimony.
“Everyone we know believes in Fed independence,” Dimon said. “And anything that chips away at that is probably not a great idea. And in my view, will have the reverse consequences. It’ll raise inflation expectations and probably increase rates over time.”
Responding to those remarks, Trump said: “I think he’s wrong.”
Trump said earlier Tuesday that he plans to move ahead with announcing a replacement for Jerome Powell within “the next few weeks,” despite backlash over the Justice Department probe.
Trump also defended his proposal to cap credit card interest rates at 10% for one year, a move that would likely require congressional approval. Banks have warned the cap could limit access to credit and weaken popular rewards programs.
“I think that people that are paying 28% interest should be protected,” Trump said. “We’re talking about for a one-year period.”
He added that he does not believe it is appropriate for “Jamie Dimon or anybody else” to charge customers high interest rates on credit cards.
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