Explainer: Can Trump fire Federal Reserve chair Jerome Powell? - theguardian.com

Can Trump legally fire the Fed chair?

The clearest answer: right now, probably not, but things could change.

On Wednesday, Powell affirmed that the Fed’s independence “is a matter of law”. “We’re not removable except for cause,” Powell said. “Fed independence has pretty broad support across both political parties and on both sides of the hill.” But he also mentioned a case going through the supreme court that may alter the power the president has over federal agencies, going off Trump firing an official with the National Labor Relations Board.

It’s unclear how the court will rule, but it allowed the firings to stand, overruling a lower court. “I don’t think that that decision will apply to the Fed, but I don’t know,” Powell said. “It’s a situation that we’re monitoring carefully.” The Fed’s next board meeting is on 6 and 7 May. Trump is likely trying to pressure the Fed ahead of it, but it is unlikely that officials will budge.

    • Des [she/her, they/them]@hexbear.netEnglish
      19·
      5 days ago

      i think it’s 50/50. he’s fucking with the money, and in ways even the ultra-wealthy can’t really take advantage of with insider trading

      that ruling would basically be a “completely destroy the U.S. aligned order/economic system and dollar please daddy” ticket.

      and while I have zero faith in U.S. institutions, I do think the sheer erratic way he is doing things is starting to disturb even his closest allies.

      like, he literally could have done all this shit in a slightly more controlled demolition and made his buddies stinking rich but he’s just incapable of such things