Trump Has Been Brainstorming Ways To Remove Powell From The Fed

WASHINGTON, DC - NOVEMBER 02: (L to R) U.S. President Donald Trump looks on as his nominee for the chairman of the Federal Reserve Jerome Powell takes to the podium during a press event in the Rose Garden at the Whit... WASHINGTON, DC - NOVEMBER 02: (L to R) U.S. President Donald Trump looks on as his nominee for the chairman of the Federal Reserve Jerome Powell takes to the podium during a press event in the Rose Garden at the White House, November 2, 2017 in Washington, DC. Current Federal Reserve chair Janet Yellen's term expires in February. (Photo by Drew Angerer/Getty Images) MORE LESS
|
June 20, 2019 8:57 a.m.
JOIN TPM FOR JUST $1

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.

Comments
Masthead Masthead
Editor & Publisher:
Executive Editor:
Managing Editor:
Senior Editor:
Investigations Desk:
Reporter:
Senior Newswriters:
Newswriters:
Editor at Large:
General Manager & General Counsel:
Executive Publisher:
Head of Product:
Director of Technology:
Publishing Associate:
Front-End Developer:
Senior Designer: