Florida Governor Ron DeSantis said that he would “rein in” the U.S. Federal Reserve as a way to steady the economy during the third Republican presidential debate on Wednesday.
He criticized the Fed’s stewardship during the coronavirus pandemic and questioned its mandate.
“I’m also going to rein in the Federal Reserve. They have helped create with their reckless monetary policy what we have faced since the Covid 19 pandemic,” DeSantis said when the debate in Miami turned to the U.S. economy. “They botched it, Congress botched it, both parties are to blame. The Fed should focus on stable prices. They are not an economic central planner for the American people,” DeSantis said.
He did not say how he thought the central bank had erred. DeSantis has called for a Federal Reserve chair who would focus on maintaining a stable dollar, and keeping inflation down, saying he would oust Chairman Jerome Powell before his term ends in 2026.
The Fed has raised benchmark interest rates 11 times since March 2022 in an effort to cool inflation.
DeSantis also said that he would use executive orders to unwind the economic-centered legislation enacted under President Joe Biden, that the White House has dubbed “Bidenomics.”
This article was provided by Bloomberg News.
