US Fed rate decisions ‘cannot be reversed,’ except by Congress: Powell

The US Federal Reserve’s interest rate decisions can only be challenged by Congress, Fed Chair Jerome Powell said Thursday amid speculation President-elect Donald Trump may look to weaken the Fed’s independence.

Fed rate decisions “cannot be reversed by any other part of the government, except, of course, Congress,” Powell said in a speech in Dallas, Texas. “But our decisions are not reviewable by any other agency.”