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Trump asks advisers whether he can fire Federal Reserve Chairman Jerome Powell
trump is a pissy little baby who thinks that the decline in the stock market will affect his re-elect chances. trump is unhappy with the Fed and has asked if he can fire the Fed Chair that he appointed https://www.washingtonpost.com/business/economy/exasperated-over-the-market-plunge-trump-asks-advisers-whether-he-can-fire-federal-reserve-chairman-jerome-powell/2018/12/22/a71b8df2-0635-11e9-9122-82e98f91ee6f_story.html?utm_term=.27aafe65338a
President Trump has asked internal and external advisers about whether he can fire Federal Reserve Chairman Jerome H. Powell, two people familiar with the exchanges said, in a sign of his mounting frustration with the central bank chief.
News of Trump’s discussions about Powell prompted rebukes from lawmakers and alarm among economists and Wall Street executives Saturday. In the evening, Treasury Secretary Steven Mnuchin tweeted a statement from the president: “I totally disagree with Fed policy . . . but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.”
The two people familiar with Trump’s questions about his authority to remove Powell spoke on the condition of anonymity to freely discuss the private conversations. One of them characterized Trump’s inquiry as a reflection of his rage over the stock market’s recent plunge and his desire to blame someone.
News of Trump’s discussions about Powell prompted rebukes from lawmakers and alarm among economists and Wall Street executives Saturday. In the evening, Treasury Secretary Steven Mnuchin tweeted a statement from the president: “I totally disagree with Fed policy . . . but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.”
The two people familiar with Trump’s questions about his authority to remove Powell spoke on the condition of anonymity to freely discuss the private conversations. One of them characterized Trump’s inquiry as a reflection of his rage over the stock market’s recent plunge and his desire to blame someone.
The Washington Post goes on to answer the legal issue which is trump can only fire the Fed Chair for "cause."
The Federal Reserve Act says that a Fed governor can be removed “for cause,” which courts have interpreted as criminal activity or malfeasance, as in other cases regarding independent agency leaders.
Powell is both one of the Fed’s governors and its chair. The law is silent on whether someone at the Fed can be stripped of the chair position.
“The law isn’t clear,” Fed historian Peter Conti-Brown, a professor at the University of Pennsylvania, wrote in a series of tweets. “Trump can probably de-designate a Fed governor as board chair, but not fire the governor.”
Powell is both one of the Fed’s governors and its chair. The law is silent on whether someone at the Fed can be stripped of the chair position.
“The law isn’t clear,” Fed historian Peter Conti-Brown, a professor at the University of Pennsylvania, wrote in a series of tweets. “Trump can probably de-designate a Fed governor as board chair, but not fire the governor.”
The fact that trump is mad at the Fed chair is not cause.
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