Former President Donald Trump has escalated his threats against current US Federal Reserve Chair Jerome Powell, stating he would fire Powell from his position on the central bank\u2019s board of governors if he does not voluntarily step down by May 15, the date his term concludes.<\/p>\n
In a recent interview with Fox Business, Trump reiterated his intent, declaring that if Powell fails to leave, he would \u201chave to fire him.\u201d Trump expressed a long-held desire to dismiss Powell, noting, \u201cIf he\u2019s not leaving on time \u2013 I\u2019ve held back firing him, I\u2019ve wanted to fire him, but I hate to be controversial, you know. I want to be uncontroversial, but he will be fired.\u201d<\/p>\n
Skanda Amarnath, executive director of Employ America, an economic policy think tank, told Al Jazeera that President Trump\u2019s threats are \u201chardly surprising, but are simply not consistent with what the law provides.\u201d Amarnath highlighted that Trump is already facing legal challenges in his attempt to remove Fed Governor Lisa Cook and would likely encounter similar difficulties if he tried to fire Chair Powell.<\/p>\n
Trump\u2019s comments come amidst significant delays in the confirmation process for Kevin Warsh, his preferred candidate to succeed Powell as Fed chair. Warsh\u2019s confirmation hearing before the Senate Banking Committee is scheduled for next Tuesday, but his path to confirmation remains uncertain. Last month, North Carolina Senator Thom Tillis indicated he would block Warsh\u2019s confirmation until a federal criminal probe into Powell concludes. Should a nominee fail to be confirmed, Powell would continue to serve as chair.<\/p>\n
Trump also referenced an ongoing investigation by US Attorney for the District of Columbia Jeanine Pirro into a Fed building renovation project, which the administration has criticized for cost overruns. This aligns with Trump\u2019s long-standing push for lower interest rates and greater control over the central bank\u2019s board, advocating for more members who align with his economic views.<\/p>\n
Powell has consistently pushed back against the investigation, characterizing it as a pretext to undermine the central bank\u2019s independence in monetary policy assessment. Notably, in March, a federal prosecutor admitted that the investigation into the renovations had yielded no evidence of criminal activity.<\/p>\n
With greater control over the seven-member board, a confirmed Kevin Warsh<\/b> could have a freer hand in shaping monetary policy and implementing other changes at the central bank favored by the administration. Currently, Trump has appointed only three of the board\u2019s members. One of these appointees, Fed Governor Stephen Miran<\/b>, occupies a seat whose term has already expired and would need to be vacated for Warsh to join.<\/p>\n
The White House has not yet responded to requests for additional comment on the matter.<\/p>\n
#Trump #JeromePowell #FederalReserve #FedChair #MonetaryPolicy #USPolitics #EconomicPolicy #CentralBank #KevinWarsh #FiringThreat<\/p>\n","protected":false},"excerpt":{"rendered":"
Former President Donald Trump has escalated his threats against current US Federal Reserve Chair Jerome Powell, stating he would fire Powell from his position on the central bank\u2019s board of governors if he does not voluntarily step down by May 15, the date his term concludes. In a recent interview with Fox Business, Trump reiterated […]<\/p>\n","protected":false},"author":1,"featured_media":2004,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-2003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-iran_news"],"_links":{"self":[{"href":"https:\/\/vanak.news\/index.php?rest_route=\/wp\/v2\/posts\/2003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vanak.news\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vanak.news\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vanak.news\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/vanak.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2003"}],"version-history":[{"count":0,"href":"https:\/\/vanak.news\/index.php?rest_route=\/wp\/v2\/posts\/2003\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vanak.news\/index.php?rest_route=\/wp\/v2\/media\/2004"}],"wp:attachment":[{"href":"https:\/\/vanak.news\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vanak.news\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vanak.news\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}