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https://www.nbcnews.com/business/ma...fire-fed-head-powell-move-could-wreak-n951226
The only way for a president to fire the head of the Federal Reserve would be to break the law, said one economist.
President Donald Trump wants to fire Federal Reserve Chairman Jerome Powell for raising interest rates, according to one report, an unprecedented action by a president against the independent body and one that could undermine confidence in a financial system already under the strain of a vicious equity sell-off.
Trump has privately discussed firing Powell because of his frustration with stock market losses in recent months, according to Bloomberg News, which cited four people familiar with the situation. The president’s frustration intensified in recent days, with him discussing the firing “many times” during that time, according to the report.
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Trump is unhappy about the Fed raising interest rates & the steep decline in the stock market.
While the head of the FR is appointed by the President, he may not be legally able to fire him except for extreme cause, like him breaking the law.
The only way for a president to fire the head of the Federal Reserve would be to break the law, said one economist.
President Donald Trump wants to fire Federal Reserve Chairman Jerome Powell for raising interest rates, according to one report, an unprecedented action by a president against the independent body and one that could undermine confidence in a financial system already under the strain of a vicious equity sell-off.
Trump has privately discussed firing Powell because of his frustration with stock market losses in recent months, according to Bloomberg News, which cited four people familiar with the situation. The president’s frustration intensified in recent days, with him discussing the firing “many times” during that time, according to the report.
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Trump is unhappy about the Fed raising interest rates & the steep decline in the stock market.
While the head of the FR is appointed by the President, he may not be legally able to fire him except for extreme cause, like him breaking the law.
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