[Federal Reserve's Schmid: Powell is a 'Patriot,' the Federal Reserve System Has Multi-layered Independence] Odaily Planet Daily News - Federal Reserve's Schmid stated that Federal Reserve Chairman Powell is a 'patriot' who wants to do the right thing for the country. The Federal Reserve system has multi-layered independence, and political factors will not interfere with Federal Reserve policy debates. Independence leads to wiser decision-making. (Jin10)