Fed Chairman Powell urges plain speaking at Fed

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell says he has used his first year as chairman to make sure the central bank deserves the trust of the American people, especially at a time when people are losing faith in big institutions.

Powell acknowledged that at the moment “we are paddling against the current” in an effort to restore the public’s faith.

He says to achieve this goal he has tried to emphasize outreach to members of Congress, which oversees the central bank. He is also making his speeches and other Fed communications as jargon-free as possible.

Powell’s comments came at a teacher town hall meeting Wednesday that was webcast around the country as a way to boost economics education.