Jerome Powell: “We believe strongly, and always have, in tailoring to address the different size and risk characteristics of financial…”

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.

Stopping sooner could have made some difference, but not likely enough to fundamentally alter the trajectory of the economy

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