U.S. House Speaker: I am "disappointed" with Powell

PANews reported on July 23 that U.S. House Speaker Johnson said he was "disappointed" with Federal Reserve Chairman Powell after U.S. President Trump continued to criticize the Fed Chairman for his dissatisfaction with high interest rates. When asked whether he would support Trump's dismissal of Powell, Johnson said he was not clear whether there was legal power to remove the Fed Chairman. Johnson also hinted that he was open to amending the Federal Reserve Act. This law, enacted in 1913, established the U.S. central bank system, and Federal Reserve officials have historically resisted such amendments. The last major revision of the law was in 2010 as part of the Dodd-Frank Act, which aims to strengthen supervision of large banks after the financial crisis. Johnson also said: "I think all reviews are appropriate." He mentioned the investigation into the cost of renovating the Federal Reserve's downtown office building and Treasury Secretary Bessant's decision to investigate whether the Federal Reserve has "expanded its functions."