The New York Times reports that U.S. President Donald Trump drafted a letter firing Federal Reserve Chair Jerome Powell and showed it to House Republicans during an Oval Office meeting Tuesday night, polling them on whether he should proceed.
Trump Drafts Letter to Fire Fed Chair Powell, Polls GOP Support: NYT
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
Trump confirmed Wednesday he discussed firing Powell with lawmakers, saying most advised him to do it, but insisted he has no imminent plans and denied drafting a letter despite The New York Times’ report. The president cited frustration over Powell not cutting interest rates and criticized the Fed building’s costly $2 billion renovation. While some allies believe Trump is merely antagonizing Powell, the existence of the draft letter indicates serious consideration of an unprecedented move. Legally, firing a Fed chair requires “cause” like malfeasance, not policy disputes, a protection recently upheld by the Supreme Court. Economists warn that markets, currently dismissing Trump’s threats, could react severely if he pursues removal, risking economic fallout.
About the author
WRITTEN BYBitcoin.com News DeskEditorial Desk Reporter
The Bitcoin.com News Desk publishes timely reporting on market developments, protocol updates, regulatory changes, and industry announcements across the cryptocurrency sector.
