Sept. 6, 2025 - Epoch Times
03:33
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| Time | Text |
|---|---|
| What's important here, Yon, there's a lot more at stake than just this one regulation about residences and mortgages. | |
| It has to do with whether and to what extent the Fed is actually in char uh accountable to the president of the United States. | |
| That's what's at issue. | |
| What's striking to me about this is that the Fed has been around since 1913. | |
| This question has never really been asked at this level, much less answered. | |
| For all these years, this country, we've pretended as if there's such a thing as an independent central bank. | |
| And everybody knows what that is. | |
| Well, there's another word for independence. | |
| That is unaccountable. | |
| Right? | |
| Independence sounds great, unaccountable sounds bad. | |
| Well, the Fed's unaccountable. | |
| Uh they've not been held to account uh for any outside audits in its entire history. | |
| Uh any political intervention is widely seen by financial markets as something like a catastrophe. | |
| Uh you're risking the nation's financial stability, and so on and so on. | |
| But you know, in the end, we are governed by this document called the Constitution. | |
| And we're a nation of laws. | |
| And the Constitution has three buckets. | |
| It has the judiciary, has a legislative branch, and an executive branch. | |
| In the org chart of the federal government, printed by the federal government that everybody agrees is true, the Federal Reserve is under the executive branch and reports to the president. | |
| You can see it. | |
| The org chart is very clear about that. | |
| You can say it's independent. | |
| Well, is that just sort of a norm that we just have a hands-off policy? | |
| Well, this is what I was going to ask, because you know, for certainly in the judiciary precedent is is hugely important to impacts a great many things. | |
| Is that the case here? | |
| Because clearly, as you've outlined, the precedent has been, you know, independence. | |
| So we don't really know in a constitutional sense what that means. | |
| And you'd think that we did, we would know, but we don't actually know what it means. | |
| Um for there to be an independent agency under executive department. | |
| So what's exciting about the times in which we live is that we're finally getting answers to these questions. | |
| The Supreme Court's been very clear up to now that the president is in charge of the agencies, executive agencies. | |
| So let's just say the Department of Labor or USAID or Department of Energy, Department of Agriculture, or HHS, they can in fact fire employees. | |
| Now, five years ago we didn't know the answer to this question, right? | |
| I mean, I think we've had these discussions for a while. | |
| We we didn't actually know whether the president was really in charge of executive agencies. | |
| The Supreme Court in a series of cases has been very clear the president is in charge of executive agencies, but we know Trump is that's great, but now Trump is taking on the great question of American life, which is the status of the Federal Reserve under the law. | |
| That is an unanswered question. | |
| So this is a taboo topic. | |
| It's we've never been here before. | |
| No president since 1913 has taken on the Fed the way uh uh Trump is taking it on now. |
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