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(The Guardian) Trump indicated to GOP lawmakers he would fire Fed chair Jerome Powell - report
Donald Trump on Tuesday asked Republican lawmakers if he should fire Federal Reserve chair Jerome Powell, and several people in the room indicated he will do it, CBS News is reporting, citing multiple sources with direct knowledge.
The meeting with members of the House of Representatives took place at the Oval Office. Per CBS’s report: The idea of a president removing a Fed chair is legally untested — federal law says the chair can only be fired “for cause”. The action could have serious negative effects on financial markets. Sources inside the administration told CBS News the president has been socializing the possibility of a for-cause firing in public and private remarks, but the White House has not yet formally built a legal predicate.
The Trump administration has tried to increase the pressure on Powell, with some administration officials publicly accusing the Fed of mismanaging a multibillion-dollar project to renovate its Washington headquarters — an allegation Powell has pushed back on.
Trump has relentlessly attacked Powell in recent months over his view that the Fed is not acting quickly enough to lower interest rates and called on him to resign.
Powell has said that the Fed would’ve cut interest rates by now had it not been for Trump’s tariff policy, and has maintained many times that the Fed takes independent economic decisions.
www.cbsnews.com
Bloomberg is also now reporting citing a White House official that Donald Trump is likely to fire Jerome Powell soon and the process to select a successor is underway.
Donald Trump on Tuesday asked Republican lawmakers if he should fire Federal Reserve chair Jerome Powell, and several people in the room indicated he will do it, CBS News is reporting, citing multiple sources with direct knowledge.
The meeting with members of the House of Representatives took place at the Oval Office. Per CBS’s report: The idea of a president removing a Fed chair is legally untested — federal law says the chair can only be fired “for cause”. The action could have serious negative effects on financial markets. Sources inside the administration told CBS News the president has been socializing the possibility of a for-cause firing in public and private remarks, but the White House has not yet formally built a legal predicate.
The Trump administration has tried to increase the pressure on Powell, with some administration officials publicly accusing the Fed of mismanaging a multibillion-dollar project to renovate its Washington headquarters — an allegation Powell has pushed back on.
Trump has relentlessly attacked Powell in recent months over his view that the Fed is not acting quickly enough to lower interest rates and called on him to resign.
Powell has said that the Fed would’ve cut interest rates by now had it not been for Trump’s tariff policy, and has maintained many times that the Fed takes independent economic decisions.
Trump asked GOP lawmakers if he should fire Fed Chair Jerome Powell
President Trump has lashed out against Federal Reserve Chair Jerome Powell for weeks.
www.cbsnews.com
Bloomberg is also now reporting citing a White House official that Donald Trump is likely to fire Jerome Powell soon and the process to select a successor is underway.
