Matt Shuham contributed reporting.
WASHINGTON (AP) — Treasury Secretary Steven Mnuchin says President Donald Trump has denied ever suggesting firing Federal Reserve Chairman Jerome Powell.
Trump has been attacking the Fed — and Powell personally — for the central bank’s interest rate increases. Trump blames the independent agency’s hikes for recent stock market turmoil and signs of economic weakness.
Bloomberg News cited four people familiar with the matter in reporting Friday that Trump discussed firing Powell after this week’s rate increase.
But Mnuchin pushed back Saturday in a pair of tweets.
Mnuchin says he spoke with Trump and Trump said that, while he “totally” disagrees with Fed policy, he “never suggested” firing Powell and doesn’t believe he has the right to do so.
(1/2) I have spoken with the President @realDonaldTrump and he said “I totally disagree with Fed policy. I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute terrible thing to do at this time,…
— Steven Mnuchin (@stevenmnuchin1) December 22, 2018
(2/2) especially in light of my major trade negotiations which are ongoing, but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.”
— Steven Mnuchin (@stevenmnuchin1) December 22, 2018
No Fed chairman has ever been removed by a president.
Acting White House chief of staff Mick Mulvaney commented on the issue Sunday, telling ABC’s Jonathan Karl that he believed Mnuchin had mentioned Trump’s statement to him Saturday night.
NEW: Incoming acting White House chief of staff Mick Mulvaney tells @jonkarl that President Trump "now realizes" that he "does not have the ability" to fire Federal Reserve chairman Jerome Powell https://t.co/y1jmWtU3OM #ThisWeek pic.twitter.com/IXYpE1gnhf
— This Week (@ThisWeekABC) December 23, 2018