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Trump Believes He Has the Authority to Replace Powell at Fed
Source: Bloomberg
Trump Believes He Has the Authority to Replace Powell at Fed
By Jennifer Jacobs
June 19, 2019, 7:56 PM EDT Updated on June 19, 2019, 8:50 PM EDT
▶ President is not planning to demote Fed chairman, for now
▶ Powell says he will serve his full term despite criticism
President Donald Trump has told confidants as recently as Wednesday that he believes he has the authority to replace Jerome Powell as chairman of the Federal Reserve Board, according to people familiar with the matter.
In Trump’s line of thinking, he could demote Powell to be a board governor, but isn’t planning to do so right now, the people added.
Their account of the president’s conversations emerged just hours after Powell said he intends to serve his full four-year term despite Trump’s continuing criticism of Fed policy. Earlier this year, Trump asked White House lawyers to explore options for removing him, Bloomberg reported on Tuesday.
The people, who requested anonymity to discuss internal White House deliberations, said that Trump’s frustration with Treasury Secretary Steven Mnuchin is limited to his recommendation to pick Powell as Fed chair. Mnuchin is otherwise in good standing with the president, they said.
-snip-
By Jennifer Jacobs
June 19, 2019, 7:56 PM EDT Updated on June 19, 2019, 8:50 PM EDT
▶ President is not planning to demote Fed chairman, for now
▶ Powell says he will serve his full term despite criticism
President Donald Trump has told confidants as recently as Wednesday that he believes he has the authority to replace Jerome Powell as chairman of the Federal Reserve Board, according to people familiar with the matter.
In Trump’s line of thinking, he could demote Powell to be a board governor, but isn’t planning to do so right now, the people added.
Their account of the president’s conversations emerged just hours after Powell said he intends to serve his full four-year term despite Trump’s continuing criticism of Fed policy. Earlier this year, Trump asked White House lawyers to explore options for removing him, Bloomberg reported on Tuesday.
The people, who requested anonymity to discuss internal White House deliberations, said that Trump’s frustration with Treasury Secretary Steven Mnuchin is limited to his recommendation to pick Powell as Fed chair. Mnuchin is otherwise in good standing with the president, they said.
-snip-
Read more: https://www.bloomberg.com/news/articles/2019-06-19/trump-believes-he-has-the-authority-to-replace-powell-at-fed
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Related: Trump believes he has authority to demote Fed's Powell: Bloomberg (Reuters)
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"You don't need no economist. We've got just the guy for you - and he's from Deutsche Bank!"
