Trump likely to dismiss the president of the Fed Powell soon: Official of the White House
The president of the American federal reserve Jerome Powell and American president Donald Trump.
Craig Hudson | Evelyn Hockstein | Reuters
President Donald Trump told a room full of republican legislators whom he dismissed the president of the federal reserve Jerome Powell, after receiving approval from them to move, a senior White House official told CNBC.
In the midst of repeated refusal of the administration and high-ranking Republicans, the exchange came on Tuesday evening to the Oval Office, following the Republicans blocking a vote on the cryptocurrency legislation that Trump favored.
“The president asked the legislators what they thought about the dismissal of the president of the Fed. They expressed their approval for having dismissed him. The president said that he will probably do so soon,” said the official, who spoke of anonymity to speak frankly on the issue.
There does not seem to be a defined calendar and the shot does not seem imminent. In addition, the New York Times reported that Trump had gone so far to write a letter for dismissing Powell and showed him to the legislators at this meeting.
Trump and other White House figures have launched a several -part attack on Powell to push the central bank to lower is the key borrowing rate. More recently, they exploded Powell on the renovations of the Fed headquarters in Washington, suspecting that Trump could try to remove the Fed chief due.
A recent decision of the Supreme Court indicated that the president does not have the power to withdraw at will the officials of the Fed.
In a CNBC interview on Wednesday, representative French Hill, president of the Chamber’s financial services committee, repeated that “I don’t see” Trump dismissed Powell. Treasury secretary Scott Bessent also told Bloomberg News on Tuesday that he did not expect Trump to move in that direction.
However, representative Anna Paulina Luna, a Florida Republican who joined other party members on Tuesday to block the Crypto initiative, said on the X social media site that a move against Powell was to come.
“Hearing Jerome Powell is dismissed! From a very serious source,” she said, adding later: “I’m sure the shot is imminent.”
CNBC contacted the Fed to comment.
In previous statements on the issue, Powell said that his dismissal was “not authorized under the law”. No president has ever tried to do so in the past, although others have criticized the head of the central bank.
Trump appointed Powell for the president in November 2018 to succeed Janet Yellen, who became secretary of the Treasury under former president Joe Biden after held the Fed position for four years. The Senate confirmed Powell the following February, but was the subject of frequent criticism from Trump during the president
