Amid an ongoing rift between the White House and the Federal Reserve, US President Donald Trump is now exploring whether he has the ability to fire Fed Chair Jerome Powell. According to the administration’s economic advisor, Kevin Hassett, Trump began studying the possibilities of terminating Powell’s position on Friday.
The news follows previous statements made by Trump this week, expressing his dissatisfaction with the Federal Reserve’s interest rate cuts. Specifically, the president said that the chairman’s “termination cannot come fast enough.”
JUST IN: 🇺🇸 White House says President Trump is studying whether he has the ability to fire Fed Chair Jerome Powell. pic.twitter.com/wIukMqnvc1
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US President Trump Studying If He Has the Ability to Fire Fed Chair, White House Says
Since his return, the White House and Federal Reserve have seen dissension formulate. In late March, US President Trump was unhappy the agency opted not to lower interest rates, saying he hoped they would shift course soon. Now, that opposition may be getting even worse, with the relationship getting dire.
Indeed, according to the White House, US President Trump is exploring whether he has the ability to fire Fed Chair Jerome Powell. Indeed, economic advisor Kevin Hassett told reporters, “The president and his team will continue to study that matter,” according to a Reuters report.
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Trump had accused Powell of “playing politics” in his tirade against the chairman earlier this week. The statement came in response to the agency refusing to cut rates, while the President said he has the power to rid Powell of his position “real fast.”
Additionally, Trump said the agency, under Powell’s leadership, was “always too late and wrong,” while claiming the country was “getting rich on tariffs.” Conversely, Powell has continued the agency’s wait-and-see approach. He previously said that they would “wait for greater clarity” amid the ongoing tariff war before it opted to cut rates again.