But Powell said that these were just a pretext, and the real reason was “a consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the president.” In February of last year, shortly upon taking office, Trump issued an executive order, “Ensuring Accountability for All Agencies,” that declared that all independent agencies, including ones designed by Congress to have a layer of independent authority, “must be supervised and controlled by the people’s elected President.” This is the direct result of the unitary executive theory, a once fringe but now central conservative constitutional theory, that gives the president direct powers to hire and fire any independent agency head. But it’s also the inevitable result of conservative courts and a Republican Congress abetting Trump: As he amasses more and more control over the government’s power to tax, spend, and regulate, it comes as no surprise he wants to control the ability to print money.
Author: Mike Konczal
Published at: 2026-01-12 23:37:42
Still want to read the full version? Full article
