This guy is a loon.
I wonder if he'll pull a Scarface.
Posted on 11/07/2024 2:02:21 PM PST by ChicagoConservative27
Federal Reserve Chair Jerome Powell had a clear, direct response when asked during a press conference Thursday if he would step down if asked to do so by President-elect Trump.
“No,” said Powell, whose term as chair ends in 2026.
Powell also said in 2019 that he would not resign if asked by Trump. President Biden reappointed Powell in 2021 — despite objections from progressives who have criticized the chair — saying he has burdened the average American by keeping rates too high for too long.
Trump suggested earlier this year that Powell, a lifelong Republican, was “political” and would cut rates ahead of the 2024 election to help Democrats. While the Fed did cut rates in September by a whopping 50 basis points, Trump handily defeated Vice President Harris this week.
(Excerpt) Read more at thehill.com ...
Just abolish the Federal Reserve and Powell will go down with it.
Trump suggested earlier this year that Powell, a lifelong Republican, was “political” and would cut rates ahead of the 2024 election to help Democrats. While the Fed did cut rates in September by a whopping 50 basis points, Trump handily defeated Vice President Harris this week.
Yep...problem (in so many ways) solved.
That’s fine, no problem, just get rid of the Federal Reserve.
No king rules forever, Jerome.
The statute says he can be fired by the president.
He might want to read it.
Trump also said over the summer that he would let Powell serve out his term, “especially if I thought he was doing the right thing,” but that he would not reappoint him for another term.
Central Banks are the cause of most of the world’s problems.
According to ChatGPT:
Yes, the Chairman of the Board of Governors of the Federal Reserve System can be removed, but only for cause. According to the Federal Reserve Act, the members of the Board of Governors serve 14-year terms and are appointed by the President and confirmed by the Senate. However, the President can only remove a member, including the Chairman, for “cause,” which generally implies serious misconduct or failure to perform duties rather than a policy disagreement. This condition is intended to preserve the Federal Reserve’s independence from political pressure.
This guy is a loon.
I wonder if he'll pull a Scarface.
Again, according to ChatGPT:
Amending the Federal Reserve Act follows the same process as passing any other federal law in the United States. Here’s a breakdown of the steps:
Proposal of an Amendment: Amendments to the Federal Reserve Act can be proposed by members of Congress (either the House of Representatives or the Senate) or by the President through executive influence, though only Congress can formally propose and pass amendments.
Drafting a Bill: A proposed amendment is usually introduced as part of a new bill or as an amendment to an existing bill. This bill is then referred to relevant committees in Congress, typically the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs.
Committee Review: The bill goes through committee review, where it may be debated, revised, and amended further. The committee may hold hearings to gather information and opinions from experts, stakeholders, Federal Reserve officials, and the public. If approved by the committee, the bill moves to the full chamber for consideration.
Debate and Voting in Congress: The bill is then debated and voted on in both the House of Representatives and the Senate. Each chamber must pass the bill by a majority vote. If there are differences between the House and Senate versions, the bill may go to a conference committee to reconcile the differences.
Final Approval: Once both the House and Senate approve the final version of the bill, it is sent to the President for approval.
Presidential Signature: The President can either sign the bill into law, making it an official amendment to the Federal Reserve Act, or veto it. If vetoed, Congress can override the veto with a two-thirds majority in both chambers.
Once the amendment is enacted, it officially changes the Federal Reserve Act. This process is significant because the Federal Reserve Act governs critical aspects of U.S. monetary policy and financial regulation, so amendments are typically carefully considered and debated.
reduce his pay to $1.
That statement may have been why Powell waited till AFTER election day to announce?
Powell was not elected, he was appointed and he can run a lemonade stand for the rest of his life at the choice of the Trump admin.
So remove him “cause” he sucks
Yes, but what is “cause” is in the discretion of the president as chief executive.
In fact, the Constitution says all executive power is embodied in the President, so most agree that restrictions on the president with regard to the exercise of such power are unconstitutional.
Wanna bet?
For cause is a hole so wide you can drive a truck through it.
Very good.
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