Trump asking advisers if he can legally fire Fed chief
S E E D E D C O N T E N T
President Donald Trump has begun polling advisers about whether he has the legal authority to fire Federal Reserve Chairman Jerome Powell, according to two people familiar with the matter, who described the President as newly furious at the Fed chief as markets tumble.
Earlier this year, Trump's advisers told the President that it was doubtful he would have the law behind him if he fired Powell. But Trump has renewed the issue after the Fed again raised its benchmark interest rate this week.
So far, the White House hasn't come to a final legal determination on Trump's authority to fire his Fed chairman, whom he nominated a year ago. The law states the President can fire a Fed governor for cause, but it hasn't been tested on the firing of a chairman.
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Top West Wing economic advisers have warned Trump that firing Powell would only exacerbate the problem the President is ostensibly trying to solve: nose-diving markets. The unprecedented move would likely cause more turmoil.
knumb nutz tied himself to the market,
so now he OWNS the plumbette,
to go along with all his other fuk ups
.
couldn't happen to a more deserved individual
.
"Well we have already been informed that Rump knows more than the generals; now we also see he most likely knows more than the Federal reserve Chairman."
Trumpp knows more than A Whole lot, cause there is no bigger one
Yep! He wanted to take credit for the markets when they are good, so I am personally blaming him for my losses now.
That is exactly why I said he was a retard for saying the rising markets were all him.
Nope, Trump took credit for my profits so he gets the credit for my losses. Fat fuck can't have it both ways.
Well we have already been informed that Rump knows more than the generals; now we also see he most likely knows more than the Federal reserve Chairman. Glad to know we are in such capable hands /s/.
Without weighing in on whether or not this particular person deserves to be fired, someone should be able to fire him.
Perhaps a special government panel and only under very specific circumstances. There is a reason the markets reacted as they did to Trump's inquiry. No one wants a clueless fucking idiot like Donald Trump to be able to fuck with the US monetary policies for their own personal gain.
It seems to me that since they are appointed with the advice and consent of the Senate, it should be up to the Congress to impeach them as they do with federal judges. That would tend to make it a less hasty process.
As long as it requires 60 votes in the Senate then I am good with that. It has to be a difficult thing to do though, you wanna see some market volatility then let the Fed start rolling through chairman based on petty political whims.
Shit no. The Fed needs to have a significant amount of autonomy from the rest of the government. I absolutely do not want the power of the Fed to be in the hands of the cocksuckers in government whose only concern is short term reelection. Frankly Trump has made me think there needs to be legislation passed that more completely protects the Fed and its chairman.
I like Ron Paul’s view that we should abolish the Federal Reserve.
This video is very informative in learning how the Fed was created and what it does.
I don't.
Dean,
The reason the Fed was created was in reaction to multiple bank panics at the turn of the century and the reason it operates independently is for this very reason. They are making judgments not based on what any one president wants, but what their expertise says will bring economic stability based on what the situation looks like at any time. And while it is described as a cartel of banks, the fact remains that what is good for the banks is a healthy economy, and so I would have to agree with the sinister way it is described in the video.