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Opinion: No matter who takes over as Federal Reserve Chair, the US Treasury Secretary is the true power holder
BlockBeats News, December 15th — According to market analyst Gabriel Rubin, US Treasury Secretary Yellen's tight control over the selection process for the next Federal Reserve Chair implies that regardless of who takes up the position, the US Treasury Secretary will substantially influence the Fed. As per government statements, Yellen has clearly outlined the selection criteria for Powell's successor: any regulatory agenda must align with the White House; interest rates should be significantly lowered as concerns about tariff-induced inflation have been exaggerated; issuance and management of government debt should be handled by the Treasury Department rather than the Fed.
Gabriel Rubin believes that the US will sooner or later face another economic or financial crisis. An undermined Fed independence means that when a crisis hits, more power will be centralized in the hands of the government. The central bank needs the trust and recognition of the public to control inflation and ensure healthy credit. These are things that the Trump administration's Treasury Department cannot provide.
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