President Donald Trump’s dislike of Federal Reserve Chairman Jerome Powell is hardly a secret — but in recent days, he’s been talking to aides about ways to oust the official, according to a Bloomberg report.
His current hypothesized strategy is to demote Powell down to board governor, though some in the Counsel’s office see the move as legally murky. From there, the Federal Reserve Act only allows the President to remove a Fed governor with “cause,” usually covering things like legal misconduct. Trump’s disapproval of Powell’s monetary policy seems unlikely to meet that criterion.
The report comes just a day after Powell declared at a press conference that he intended to serve out his full four-year term.