President Trump has told confidants as recently as Wednesday that he believes he has the authority to replace Jerome Powell as chairman of the Federal Reserve Board, according to people familiar with the matter
-- President Donald Trump has told confidants as recently as Wednesday that he believes he has the authority to replace Jerome Powell as chairman of the Federal Reserve Board, according to people familiar with the matter.
The people, who requested anonymity to discuss internal White House deliberations, said that Trump’s frustration with Treasury Secretary Steven Mnuchin is limited to his recommendation to pick Powell as Fed chair. Mnuchin is otherwise in good standing with the president, they said. White House lawyers think there is a way to follow through with a demotion if that’s what the president wants, but there has been some disagreement in the Counsel’s office, according to a person familiar with the matter.
Kevin Hassett, the departing chairman of the White House Council of Economic Advisers, said “one hundred percent he won’t do it,” referring to Trump’s consideration of demoting Powell. Asked if Trump should do that, Hassett responded: “No.” The Federal Reserve Act provides explicit protection for Fed governors against removal by the president except “for cause.” Courts have interpreted the phrase to require proof of some form of legal misconduct or neglect of basic duties. A disagreement over monetary policy wouldn’t meet that bar.
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