During a recent speech before the Economic Club of Washington, President Joe Biden made a false statement.
“I’ve never once spoken to the chairman of the Fed since I became president.” the President claimed.
However, public records show that Biden met with Federal Reserve Chairman Jerome Powell in May 2022 at the White House.
Biden’s claim came during a discussion on the Federal Reserve’s independence, where he contrasted his approach with that of former President Donald Trump. Biden emphasized his respect for the Fed’s autonomy in its efforts to combat inflation. Yet, the meeting with Powell in 2022 marked Biden’s third in-person session with the Fed chair since taking office, contradicting his own statement.
In that Oval Office meeting, Biden outlined his commitment to allowing the Fed to operate independently, a sentiment echoed by then-National Economic Council Director Brian Deese. The meeting highlighted the president’s recognition of the Fed’s critical role in tackling inflation, something Biden stressed again in his speech.
Biden’s misstatement drew attention because of his intent to differentiate his policy style from Trump’s. During his tenure, Trump criticized Powell, calling him “clueless” and urging the Fed to lower rates. Biden, by contrast, pointed to his hands-off approach as evidence of respecting institutional independence.
In response to Biden’s error, White House economic adviser Jared Bernstein clarified that the president was referring to not having discussed interest rates with Powell, aiming to dispel confusion.
FOX News, Axios, New York Post, the Associated Press contributed to this report.
