Posted on 03/11/2019 7:45:20 AM PDT by Steve1999
n a wide-ranging interview on the CBS show 60 Minutes, Federal Reserve Chairman Jerome Powell said President Donald Trump did not have the authority to remove him from his position. The Fed has often been the target of criticism from the Trump administration. Toward the end of last year, Bloomberg reported that the president had discussed firing Powell. When CBS’s Scott Pelley asked Powell whether the president could fire him, he responded: “The law is clear that I have a four-year term. And I fully intend to serve it.”
(Excerpt) Read more at newsweek.com ...
“I see no reason to borrow money from wealthy usurers when we can create our own for just the cost of production.”
Lincoln and JFK did just that. Note the same outcomes.
Cartman: “whatthehellman?! Who made HIM the authoritY??!!!”
Kyle: “he’s not gonna boss ME around
IDOWHATIWON’T...!!”
“[JFK] was said to be preparing to issue Treasure Notes...”
JFK had already started issuing billions in Treasury Notes before he was murdered. Afterwards, they were quickly withdrawn.
Years ago a chart was posted concerning nepotism amongst them.
He can’t fire him, not without cause. And not doing what Trump wants him to do is not cause.
Yet another screwed up appointment recommended to Trump by the Deep State. Powell was nominated by Trump and was sworn in one year ago.
On what grounds?
Fed have ‘stockholders’...who are they if so?
“”The Fed was created by an act of congress (legislative branch)—SO only congresscritters can End the Fed??
The FED operates under the auspices of the Executive Branch who is tasked with “executing” the law.””..
So the BIGGEST EXECUTIVE (PREZ}controls hiring and firing ???
All the more reason to end the Fed immediately and return to constitutional money.
:: So the BIGGEST EXECUTIVE (PREZ}controls hiring and firing ??? ::
Si, senor. Did Congress ^appoint^ Chairman Powell?
Excellent point! Need any more proof?
Maybe if we could explain to people that you can't pay off credit card debt using a credit card...
Federal Reserve Chairman Jerome Powell receives letter noting his new office is in Alaska we will be in contact with you as needed.
“But, under the Constitution, Trump has the power to supplant the function of the FED with the creation of sovereign money.”
No, only Congress has the power to coin money under the Constitution.
I recall hearing that the terms (like Comey's 10 year term) were limits, not absolutes.
-PJ
Most of them. Nothing prevents the President from firing someone like Comey because the FBI reports through the Department of Justice. With few very exceptions anyone the President appoints, he can fire.
The Fed Chair is one of those exceptions. The Fed is supposed to be able to operate outside the political pressures of Congress and the President. Because of that the Fed Chair cannot be fired except for cause; illegal acts or misbehavior or something like that. Disagreeing with what the President wants does not constitute cause.
So he’s a dictator?
If Congress creates the position (like with all executive branch departments), it has the funding discretion as well as the authority to abolish the position within its Article I powers.
However, Congress cannot pass a law that curtails the President's Article II power to execute the law, right?
I think that Congress cannot create a position that reports under the Executive, and then declare that the Executive cannot exercise plenary Executive control over that position because that encroaches on Article II power, no matter how much they want to claim that it's a special exception.
Article II is supreme law of the land, and no bill that Congress passes to create a position is superior to Article II.
-PJ
Then monies allocated by Congress could be released as "Treasury Notes" rather than "Federal Reserve Notes" with no interest required.
The problem becomes to not over-issue the lubricant (paper bills are essentially devices that allow us to "make change for a chicken") causing inflation.
We could possibly use some the prices of certain desirable metals as a standard.
Nah, never work.
The Federal Reserve is self-funding. In fact it turns on average $70 billion over to the Treasury every year.
However, Congress cannot pass a law that curtails the President's Article II power to execute the law, right?
True, but I'm not getting your point.
I think that Congress cannot create a position that reports under the Executive, and then declare that the Executive cannot exercise plenary Executive control over that position because that encroaches on Article II power, no matter how much they want to claim that it's a special exception.
Ah, now I see. The answer is that the Federal Reserve does not fall under the Executive Branch. The Fed is quasi-governmental. They are required to submit financial reports to Congress annually and are audited by the GAO as well as outside auditing firms but they don't answer to Congress or the President.
The Federal Reserve Act created a system of private and public entities. There were to be at least eight and no more than twelve private regional Federal Reserve banks. Twelve were established, and each had various branches, a board of directors, and district boundaries. The Federal Reserve Board, consisting of seven members, was created as the governing body of the Fed. Each member is appointed by the President of the U.S and confirmed by the U.S. Senate.
If the President appoints, he can unappoint, correct?
If Congress confirms, they can impeach, right?
-PJ
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