Fed, Trump and Powell
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If President Donald Trump were to fire Federal Reserve Chair Jerome Powell, it could have unintended and severe consequences that reverberate throughout the US economy and global markets.
The Trump administration is formally arguing before a federal oversight body that it has unilateral authority to fire many federal employees at any time, seeking to unwind decades of precedent and current federal law.
The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.
The Federal Reserve is an independent organization, meant to be insulated from politics, and the Supreme Court suggested this year that President Donald Trump would need a reason, or cause, to fire Federal Reserve Chairman Jerome Powell.
The president suggested he could attempt to remove the Fed chair for cause, arguing the central bank spent too much money on renovations of two historic office buildings.
U.S. President Donald Trump signed an executive order on Thursday creating a new classification of non-career federal workers who can more easily be fired if they fail to carry out a president's priorities,
President Donald Trump said Wednesday it’s “highly unlikely” that he’ll fire Federal Reserve Chair Jerome Powell after signaling otherwise a day earlier in a private meeting with lawmakers.
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