[Powell Issues Warning on Federal Reserve Independence] Odaily Planet Daily News – According to an article by 'Fed Whisperer' Nick Timiraos, in a speech on Sunday evening local time, former Federal Reserve Chair Jerome Powell stated that if any administration finds an excuse to dismiss Federal Reserve officials solely due to policy disagreements, the Federal Reserve would not be able to survive. Powell currently serves as a Federal Reserve Governor. While speaking broadly on topics such as institutions and the rule of law, he did not name any specific president or express any personal grievances. However, when addressing the institutional framework designed to keep monetary policy decision-making out of presidential control, his wording was exceptionally precise. Powell emphasized the legal protections aimed at preventing the arbitrary removal of Federal Reserve officials and specifically pointed out that the executive branch plays "no role in selecting or supervising the 12 regional Reserve Bank presidents," who, along with the Federal Reserve Governors, collectively vote on interest rate levels. "If any administration finds an excuse to dismiss Federal Reserve officials solely due to policy disagreements, future administrations will inevitably follow suit," Powell said. He noted that the Federal Reserve's credibility, built over decades, is an "invaluable asset," and he and his colleagues "have a responsibility to defend it." (Jin10)