Trump Can’t Fire Me, Fed Chair Powell Says ‘The Law Is Clear’

US Federal Reserve Chairman, Jerome Powell, said in an interview that he doesn’t believe President Trump has the authority to fire him. When asked in a “60 Minutes” interview if Trump could fire him, Powell responded “no.”

Trump appointed Powell to lead the central bank in late 2017 and he entered office in February of 2018 to serve a four-year term as chairman of the Fed. Trump has since criticized Powell and the Fed for raising interest rates and reportedly considered firing the chairman.

Powell was first appointed by the Obama administration and confirmed as a Governor of the central bank in 2012. His term as Chairman of the Fed ends in February of 2022, while his term as Governor on the Federal Reserve Board won’t expire until January of 2028.

The president can appoint members of the Federal Reserve Board, but legal experts say it’s unlikely Powell can be fired for anything other than severe misconduct.

 

 

“Photo of the Day: November 3, 2017” by The White House is in the Public Domain

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