Jerome Powell: “If I am confirmed, I will work to the best of my abilities to carry out the responsibilities of this office.”

Without the ability to pay interest on reserves, the Fed would lose control over rates

If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.

We may approach that point in coming months

The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.