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 ...
When I saw the title I was asking, “Gawl, is Colon Bowel still slunking around Washington?”
Powell might be on thinner legal ground than he may believe...
What? Jerome Powell was Trump’s guy, he nominated him.
“This condition is intended to preserve the Federal Reserve’s independence from political pressure.”
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In theory, but in Washington everything is political. Its pervasive and no agency is immune from it.
Powell’s decision to cut rates by 50bp so close to an election tainted the Fed. Having done that, he then had to cut 25bp today to make the highly dubious “emergency cut” appear to not be influenced by politics.
Trump may not be able to fire Powell but he can make life difficult for him and his banking cronies if he wants to.
Yep.
I wonder if hes really begging to be fired.
move him to the basement with his stapler
And Andrew Jackson was the Dem’s founder.
A no-knock raid at 4:00 AM with battering rams and flashbang grenades will take care of that problem.
There is no mountain that anyone can’t be knocked off of. Good luck with that A-hole.
Want to bet the president can’t simply destroy the Fed via an executive order? Want to bet he can’t simply order the doors padlocked while a forensic audit takes place? This knucklehead has no idea how much change is coming.
The Federal Reserve is not authorized in the Constitution.
It didn’t exist until December 23, 1913, with the enactment of the Federal Reserve Act. The Constitution doesn’t give the Congress the power to create a central bank. Therefore, the Federal Reserve is unconstitutional and should not exist.
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