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Stock impact report

Jerome Powell's remarkable advice to his successor speaks volumes about his battle with Trump [CNN]

SOCIETE GENL FRNCE S/ADR (SCGLY) 
NASDAQ:AMEX Investor Relations: societegenerale.com/en/investors
Company Research Source: CNN
When CNN's Matt Egan asked what words of wisdom Powell would give his successor, who is set to take over when Powell's term as chair ends in mid-May, the Fed chair paused for a moment, chuckled, and said he had three pieces of advice. Stay out of elected politics. Be accountable to Congress and work diligently to build relationships with the Fed's overseers. Respect the dedicated professionals who work hard every day to promote the independent mission of the Federal Reserve. It was a touchingly human and thoughtful response. And it spoke volumes about the legacy Powell plans to leave at the institution he's served for 14 years – nine as its chair. On Wednesday, he summed it up as his commitment to the “public well being” and staying out of politics. The Trump administration's crusade against the Fed has threatened the institution's independence that Powell holds so dear. He has said the Fed needs to remain independent to maintain its credibility that allows it to serve the Show less Read more
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