Trump considering firing Fed Chair Jerome Powell after latest rate hike: Report
WASHINGTON, DC - DECEMBER 06: Federal Reserve Board Chairman Jerome Powell speaks during a Rural Housing Assistance Council Awards Reception, on December 6, 2018 in Washington, DC. (Photo by Mark Wilson/Getty Images)
(Fox News) - President Trump is reportedly considering firing Federal Reserve Chair Jerome Powell after policymakers at the central bank on Wednesday voted to increase interest rates for the fourth time this year, according to Bloomberg.
It’s the latest uptick in a series of attacks levied by Trump on Powell, whom he hand-picked a year ago to replace Janet Yellen. Trump blames the Fed for curtailing economic growth by raising the benchmark federal funds rate.
The Federal Reserve declined to comment.
It’s unclear whether Trump has the power to fire a Fed chair. According to the law, the president can fire a Fed governor (for a cause) but it hasn’t been tested on the firing of a chair. Because the chair is considered to be a governor, it’s likely that it is legal.
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