President Donald Trump has escalated his criticism of Federal Reserve Chair Jerome Powell, suggesting he has the authority to remove Powell from his position.
In a recent statement, Trump remarked, “If I want him out, he’ll be out of there real fast, believe me.”
This comment follows a series of public attacks on Powell, including labeling him a “major loser” and expressing frustration over the Fed’s reluctance to lower interest rates.
Despite these remarks, Trump later clarified that he has “no intention” of firing Powell, attributing the controversy to media misinterpretation . Legal experts note that the Federal Reserve Act permits the removal of a Fed chair only “for cause,” such as misconduct or incapacity, not merely policy disagreements.
Powell, appointed by Trump in 2017 and reappointed by President Biden in 2022, has emphasized the importance of the Fed’s independence and stated he intends to serve his full term, which ends in May 2026 . He has also indicated he would not resign if asked by the president.
The ongoing tension between Trump and Powell has raised concerns about the potential impact on the Federal Reserve’s credibility and the broader financial markets. Economists warn that political interference in monetary policy could undermine investor confidence and destabilize the economy .
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