Trump asks lawmakers whether Powell should be fired, sources say he hints at action

On July 16, according to Jinshi, citing CBS, several people with direct knowledge of the matter revealed that Trump asked a group of House Republicans on Tuesday whether he should fire Federal Reserve Chairman Powell, and those present agreed. Several people said that Trump hinted that he would do so. There is no legal precedent for the president to fire the Fed chairman - federal law stipulates that the Fed chairman can only be fired for "reasonable cause." This move could have a serious negative impact on financial markets. Sources within the government told CBS that Trump has mentioned the possibility of firing Powell for "reasonable cause" in public and private remarks, but the White House has not yet formally established a legal basis. U.S. Florida Congresswoman Anna Paulina Luna (one of the Republicans who voted against advancing the cryptocurrency bill) posted on Tuesday evening local time: "I heard that Powell is going to be fired! The source is very reliable." In a later post, she wrote: "I am 99% sure that the dismissal is about to happen." [PANews]