Trump administration pushes back on report Trump could fire Fed chairman

Washington Examiner ^ | December 22, 2018 06:41 PM | Updated Dec 22, 2018, 06:42 PM | Colin Wilhelm

[E. Pluribus Unum]

The Trump administration pushed back Saturday against a report that President Trump is considering firing Federal Reserve Chairman Jerome Powell.

In two tweets posted on Saturday evening, Treasury Secretary Steven Mnuchin said that he'd spoken to Trump about Powell on Saturday, and that Trump told him, "I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.”

White House press secretary Sarah Sanders told the Examiner that she's, "aware of no plans,” to fire Powell in an email.

Trump is unhappy with Powell and the Fed over continuing interest rate hikes to the central bank’s benchmark lending rate. That raises interest rates across the economy and can have negative effects on the stock market, though other factors, like investor concerns over the Trump administration’s trade wars and a global economic slowdown, drove much of this month’s stock market slide.

“Feel the market, don’t just go by meaningless numbers. Good luck!,” Trump tweeted hours before the Fed announced it would hike its baseline lending rate to an upward limit of 2.5 percent, a rise of a quarter of a percentage point.

That remains well below where it has historically set rates; the Fed kept rates near zero for years following the 2008 global financial crisis as a way of helping the recovering economy regain strength. Trump has publicly argued that the Fed should keep rates low to help stave off the effects of his trade war with China.

[JudyinCanada]

He should be fired. No need to raise the rates, other than harm the president.

[JPJones]

He should have said: I never made any plans to fire the Fed Chief...but now that you mention it...”

[Widget Jr]

The MSM lies again. News at 11.

[Electric Graffiti]

Round him up and send him to gitmo. Bypass all the messy problems of whether or not you can fire him. This is all a coordinated effort to get rid of Trump in case you people have missed it.

[bagster]

The plan to have the FED raise rates [steep incline beginning Mar 2019] in an effort to ‘kill’ the economy prior to 2020 P_elec is known and planned for. Structure change coming?

[Rusty0604]

Inflation is not a serious concern, so I do agree with Trump that they could have put this off.
The globalists are doing what they can do to stop Trump.

[DoodleDawg]

He should be fired. No need to raise the rates, other than harm the president.

Trump can no more fire Powell than he can fire a judge he appointed and whose rulings he doesn't approve of. Powell is in there for his four year term as Fed chair unless impeached.

[JoSixChip]

The plan to have the FED raise rates [steep incline beginning Mar 2019]

I thought the fed gave guidance of two rate raises next year?

[Electric Graffiti]

I wasn’t aware the fed chairman was part of the judiciary.../goron

[FlingWingFlyer]

Do the world a favor and shut down the FED. I know that’s what Frankie da Pope would say.

[drypowder]

I’ll probably get kicked off for this but everybody understands the ruthlessness of the world banking cartels. The Federal Reserve is just one of their golden geese. IMHO; this kind of Fake news is just part of a collective impetus by these same families to have Trump JFK’d. I hope I’m wrong but I’m probably not.

[dajeeps]

Trump can no more fire Powell than he can fire a judge he appointed and whose rulings he doesn't approve of. Powell is in there for his four year term as Fed chair unless impeached.

12 USC §242 – Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office:

Upon the expiration of the term of any appointive member of the Federal Reserve Board in office on August 23, 1935, the President shall fix the term of the successor to such member at not to exceed fourteen years, as designated by the President at the time of nomination, but in such manner as to provide for the expiration of the term of not more than one member in any two-year period, and thereafter each member shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President…

[FreeReign]

Trump can no more fire Powell than he can fire a judge he appointed and whose rulings he doesn't approve of. Powell is in there for his four year term as Fed chair unless impeached.

You're comparing a judge to a Fed chairman.

Is the Fed a fourth branch of government?

[FreeReign]

12 USC §242 – Ineligibility to hold office in member banks; qualifications and terms of office of members; chairman and vice chairman; oath of office:

Upon the expiration of the term of any appointive member of the Federal Reserve Board in office on August 23, 1935, the President shall fix the term of the successor to such member at not to exceed fourteen years, as designated by the President at the time of nomination, but in such manner as to provide for the expiration of the term of not more than one member in any two-year period, and thereafter each member shall hold office for a term of fourteen years from the expiration of the term of his predecessor, unless sooner removed for cause by the President…

Thanks for the info. Unfortunately the president doesn't seem to know that he does have the right to fire the Fed.

[DoodleDawg]

I wasn’t aware the fed chairman was part of the judiciary.../goron

I don't believe he is. Still can't be fired though.

[DoodleDawg]

...unless sooner removed for cause by the President…

Disagreement with Presidential wishes is not cause.

[DoodleDawg]

You're comparing a judge to a Fed chairman.

The comparison is that like a judge the Fed chairman cannot be removed except for cause. And disagreeing with the President is not cause.

[mbrfl]

Oh the horror! A Constitutionally elected government official firing a non-elected bureaucrat.