Mike Pence Would Get Rid Of Jerome Powell If Elected President: 'We Need Fresh Leadership At The Fed'

A Republican candidate in the 2024 presidential race has been criticizing the Federal Reserve and Chairman Jerome Powell, suggesting that the recent actions of the Fed and the potential replacement of Powell could emerge as key topics in the 2024 election discourse.

What Happened: Former Vice President and presidential candidate Mike Pence said he would look to replace Powell if he’s elected president. Powell has served as Chairman of the Federal Reserve since 2018.

Pence said the policies of quantitative easing back in the day and the policies now have all been playing catch up.

“I would absolutely go in a different direction with the Chairman of the Federal Reserve,” Pence said in an interview with Yahoo Finance.

The comments come as Powell was reappointed to a second term by President Joe Biden that runs until May 2026.

“We need fresh leadership at the Fed.”

Pence said that inflation has gone to 17% since he and President Donald Trump left the White House, and there’s too much playing catch-up being done to fight high inflation.

The former vice president said that there are too many families in America struggling as a result of the Fed’s decisions and Biden’s leadership, with a majority now living paycheck to paycheck.

“It’s all a result of Joe Biden’s runaway spending.”

Pence said it was hard to put all the blame on the Federal Reserve when asked to assign a letter grade, adding that the Fed is chasing after the failed policies of Bidenomics.

“The steps they’re taking are painful,” Pence said, describing the actions of the Federal Reserve and Powell as the steps of a failed administration.

Related Link: Trump Loses Support From Republican Voters But Holds 43-Point Lead: Which Three Candidates Gained? 

What’s Next: Pence said that he would end a dual mandate put in place for the Federal Reserve that ensures it works on maintaining full employment and keeping the dollar strong.

The former vice president said employment should be the focus of the president, Congress, governors and others in elected positions.

“We ought to focus the Federal Reserve on protecting the integrity of the dollar,” Pence said. “I’ll do that if I’m president of the United States.”

Pence added that what the country truly requires is fresh leadership in the White House and within the Republican Party.

The former vice president said the GOP and his former running mate have abandoned fiscal policy and moving the country forward.

Pence added that there will be a renewed focus on the plans that every presidential candidate has for the Federal Reserve, hinting that this might be discussed in the upcoming Republican debate.

The second Republican primary debate is set for Wednesday night and will air on Fox Business, a unit of Fox Corporation FOXFOXA.

Read Next: Mike Pence Says Trump Skipping Second GOP Debate A Missed Opportunity 

Photo: International Monetary Fund on Flickr and Shutterstock