In addition to calling Federal Reserve Chairman Jerome Powell a "major loser", president Donald Trump and his administration were reportedly looking into whether or not Trump can fire Powell.
Ironically, it was Trump who nominated Powell during his first term, and it was Trump who said those reports were not true, and that he has "no intention" of firing Powell. Probably because he can't.
"The Fed Chair can be nominated by the president, but can only be fired with cause" said Jeremy Rosenthal, a Texas based attorney and legal expert, "And the cause has to be something other than decision making."
So, what that means is that Trump is stuck with Powell until next year. But there are some other decisions and moves that Trump -can- make before then.
"The Fed does have a board of governors that are in the inner circle, 14 people" Rosenthal told KTRH, "And the president can put people on there, or remove them. Donald Trump may try to pressure him to resign, but it's pretty clear that you have to be fired for cause."
Something that was put in place by the U.S. Supreme Court back in 1935.
Jerome Powell's term as Fed Chair is set to end on May 15, 2026.
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