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Why Jerome Powell — not Trump — will decide when the Federal Reserve chief exits the scene
- On Wednesday, President Donald Trump threatened to fire Federal Reserve Chair Jerome Powell if he remains on the Board of Governors after his chairmanship expires May 15, saying he "wanted to fire him" but held back to avoid controversy.
- The Justice Department probe, overseen by U.S. Attorney for the District of Columbia Jeanine Pirro, examines Fed headquarters renovation costs that ballooned from $1.4 billion to an estimated $2.4 billion, prompting scrutiny.
- Senate Banking Committee member Thom Tillis, a North Carolina Republican, is blocking Trump's nominee, Fed Governor Kevin Warsh, saying he will not advance the nomination while the criminal probe into Powell continues.
- Refusing to resign until the investigation concludes, Powell insisted on "transparency and finality," confirming he would serve as chair pro tempore if the Senate fails to confirm a successor by May 15.
- Federal law limits presidential removal of Fed officials to demonstrated misconduct, a standard courts have not yet found met, raising uncertainty about the White House's authority to intervene in the Federal Reserve's independence.
42 Articles
42 Articles
Trump caught in no-win situation as his plot to oust his own nominee said to be backfiring
President Donald Trump is standing off against himself on an issue that has backfired, according to a political analyst.Trump has been trying to remove Federal Reserve Chairman Jerome Powell from his post for months over Powell's insistence that interest rates remain elevated to combat inflation. Tr...
The Fed uses the arguments for interest rate cuts, and the markets have changed, too. The central bank's change of management will hardly help the US president.
Trump's latest power grab is delivering brutal consequences
President Donald Trump’s crusade against Federal Reserve Chairman Jerome Powell is motivated by Powell’s refusal to lower interest rate for Trump — and yet, as one economics expert pointed out, Trump’s vendetta is keeping inflation high.“The person that Donald Trump wants to appoint to succeed Jerome Powell is this guy, Kevin Warsh, who his entire career was known as an inflation hawk, basically wanted tighter monetary policy,” economics journal…
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- 38% of the sources lean Left, 38% of the sources are Center
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