Fed, Trump and Jerome Powell
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Fed Chair Jerome Powell is under fire from the White House, which accuses him of bungling a renovation of the Fed's HQ and has suggested it could be cause to fire him.
The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.
Reports that President Trump was planning to fire Federal Reserve Chairman Jerome Powell sent stocks and the U.S. dollar tumbling on Wednesday, while long-dated Treasury yields charged higher.
President Trump has the authority to fire Federal Reserve Chair Jerome Powell for cause if evidence supports that, White House economic adviser Kevin Hassett said on Sunday, and that the Fed “has a lot to answer for” on renovation cost overruns at its Washington headquarters.
President Trump asked Republican lawmakers this week whether he should fire Federal Reserve Chair Jerome Powell, whom he appointed to the position in 2017. The move followed months of criticism by Trump of Powell,
The president floated the idea of firing the Fed chief to lawmakers, then said such a move was "very unlikely."