Darian Woods

Gina Smilick, thank you so much for talking to The Indicator. Thank you for having me. After the break, an executive order that lays the groundwork for more presidential control. So ideally, the Fed's decisions on interest rates should be independent. That's where we started when Trump was inaugurated in January. But since then, a lot has happened.

Gina Smilick, thank you so much for talking to The Indicator. Thank you for having me. After the break, an executive order that lays the groundwork for more presidential control. So ideally, the Fed's decisions on interest rates should be independent. That's where we started when Trump was inaugurated in January. But since then, a lot has happened.

Gina Smilick, thank you so much for talking to The Indicator. Thank you for having me. After the break, an executive order that lays the groundwork for more presidential control. So ideally, the Fed's decisions on interest rates should be independent. That's where we started when Trump was inaugurated in January. But since then, a lot has happened.

President Trump has signed more executive orders than any president this early in the term. He has been spilling the presidential ink. And as we know, many of these orders will be tied up in court for the foreseeable future. But we want to focus on this one executive order as it relates to the Federal Reserve.

President Trump has signed more executive orders than any president this early in the term. He has been spilling the presidential ink. And as we know, many of these orders will be tied up in court for the foreseeable future. But we want to focus on this one executive order as it relates to the Federal Reserve.

President Trump has signed more executive orders than any president this early in the term. He has been spilling the presidential ink. And as we know, many of these orders will be tied up in court for the foreseeable future. But we want to focus on this one executive order as it relates to the Federal Reserve.

Now, there's one big asterisk here. The executive order says it only applies to the Federal Reserve's role in safeguarding the financial system. It doesn't apply to the Fed's raising and lowering of interest rates to fight inflation and protect jobs, you know, monetary policy. Catherine Judge is a law professor at Columbia University.

Now, there's one big asterisk here. The executive order says it only applies to the Federal Reserve's role in safeguarding the financial system. It doesn't apply to the Fed's raising and lowering of interest rates to fight inflation and protect jobs, you know, monetary policy. Catherine Judge is a law professor at Columbia University.

Now, there's one big asterisk here. The executive order says it only applies to the Federal Reserve's role in safeguarding the financial system. It doesn't apply to the Fed's raising and lowering of interest rates to fight inflation and protect jobs, you know, monetary policy. Catherine Judge is a law professor at Columbia University.

The evidence is less clear about the effects of having the Fed's bank supervision and regulation role under the grip of politicians. And so it makes sense that President Trump specifically carved out the Fed's monetary policy as staying independent. But the big question is how this division would work in practice.

The evidence is less clear about the effects of having the Fed's bank supervision and regulation role under the grip of politicians. And so it makes sense that President Trump specifically carved out the Fed's monetary policy as staying independent. But the big question is how this division would work in practice.

The evidence is less clear about the effects of having the Fed's bank supervision and regulation role under the grip of politicians. And so it makes sense that President Trump specifically carved out the Fed's monetary policy as staying independent. But the big question is how this division would work in practice.

Catherine says the problem with this approach is if the White House begins to meddle in some functions of the Fed, it would undermine other decisions made by the individuals at the Fed.

Catherine says the problem with this approach is if the White House begins to meddle in some functions of the Fed, it would undermine other decisions made by the individuals at the Fed.

Catherine says the problem with this approach is if the White House begins to meddle in some functions of the Fed, it would undermine other decisions made by the individuals at the Fed.

Here's what Powell told a House committee in February about potential executive branch interference.

Here's what Powell told a House committee in February about potential executive branch interference.

Here's what Powell told a House committee in February about potential executive branch interference.

Classic Powell, keeping his head down, doing the work.

Classic Powell, keeping his head down, doing the work.