President Trump has threatened to fire Federal Reserve Chairman Jerome Powell if he remains at the central bank after his leadership term ends on May 15.
Powell still has two years to serve as a member of the Fed’s board of governor, and under Fed rules he can continue serving as chairman pro tempore until a successor is named. During a Fox Business interview, Trump threatened to remove Powell from the central bank if he stays past May 15.
“Well then, I’ll have to fire him, okay, if he’s not leaving on time,” Trump said. “I’ve held back firing him. I’ve wanted to fire him, but I hate to be controversial.”
Trump nominated former Fed Governor Kevin Warsh as Powell’s successor. But Sen. Thom Tillis (R-NC) has threatened to block that nomination unless the Department of Justice (DOJ) drops its attempts to investigate Powell and the central bank for potential criminal actions connected to cost overruns on the Fed’s headquarters. Powell stated he would not leave the Fed while he was still the subject of the DOJ’s attention.
A federal judge blocked the DOJ’s efforts to issue subpoenas against Powell and the Fed. Trump stated the investigation would continue.
“What they’ve done to that so it is probably corrupt, but what it really is is incompetent, and we have to show the incompetence of that,” he said.
Last year, Trump attempted to fire Fed Gov. Lisa Cook after she was accused of mortgage fraud by Bill Pulte, the director of the Federal Housing Finance Agency. No criminal charges have been brought against Cook, and the US Supreme Court is considering whether Trump’s actions were constitutional.
Trump is an effin’ BULLY, and I hope Powell remains on the board to finish out his term until 2028, if nothing else just to show Trump he does NOT get to dictate monetary policy! Nor to frivolously prosecute cases against people who stand up to him.
Lisa Stewart, I totally agree with you. I’m so over this mess.and looking forward to getting back to decency.
If Powell is innocent and the Feds were not in the wrong then there should not be an issue with the investigation. Why is wrong doing being protected? This is the problem with our country. Your dislike for Trump gets in the way of making our country better and pushing out what is wrong. Trump stands up to the corruption and those who do not see this are brainwashed by the corrupt media that has lied and make you have TDS
I totally agree with you Amy, you are 100% correct.
Wrong doing should be investigated. Why is it being protected? We’re not getting that with the E files. Dislike and what’s right has nothing to do with the coined word TDS. We’re seeing a lot of corruption with this administration especially Trump and his family. No regard for decency and this country’s laws. I never watch corporate media. Too biased and influenced. There’s a lot of real information outside the US medium of corporate news entertainment. Not everyone is brainwashed.
President Trump understands real estate better than anyone and Powell is purposely killing the real estate market. Sellers can’t sell because buyers can’t afford the payments with high rates and high prices. The market has been stagnant for 3 years with last year being absolutely dead. This year isn’t much better. People need to move. People need homes and Powell is purposely crippling millions of home owners and home buyers.
Well said Candice and 💯 facts!
You do realize that cost of funds doesn’t actually impact long term mortgage interest rates- only short term loans, such as HELOC’s. Mortgage rates are directly related to the bond yield…
Talk about being out of touch with reality!
The Fed Funs rate is killing housing in the US -we are still twice the Euro rate +
Fed Rate USA vs Europe
The Federal Reserve in the USA has set its federal funds rate at 4.25%-4.5%, while the European Central Bank (ECB) has set its main refinancing operations rate at 0.00%. This divergence in interest rates is significant and has implications for the financial markets and economic conditions in both regions. The Fed’s rate is more than double that of the ECB, which could influence investor behavior and market dynamics.
Federal Reserve Bank of St. Louis
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democrats will oppose anything that is good for the Country hoping to take advantage of the Nations misery to win the next election.