politics @lemmy.worldEnglish • 14 days ago

Jay Powell says Donald Trump couldn't fire him even if he tried

finance.yahoo.com

176

Jay Powell says Donald Trump couldn't fire him even if he tried

finance.yahoo.com

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politics @lemmy.worldEnglish • 14 days ago

President-elect Donald Trump has sent mixed signals for years on whether he would fire or demote Jerome Powell. But Powell made it clear Thursday that he won’t be going anywhere even if Trump tried.

Summary

Federal Reserve Chair Jerome Powell asserts that he cannot be fired by President-elect Donald Trump, citing legal protections under the Federal Reserve Act.

Trump has previously expressed his desire to remove Powell, but legal experts argue that a policy disagreement would not constitute “for cause” removal.

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14 days ago
Does it matter? Powell’s term ends in a year and a half, and then Trump gets to pick a train wreck chair that we would be stuck with for 4 years.

Also, he claims he doesn’t want to give Powell a 3rd term.

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