Trump Asked Aides About Firing Powell, Signaling Action, People Said
Powered by ChatGPTOn July 16, according to a CBS report, multiple 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 sources said that Trump has hinted at taking action. There is no legal precedent for a president to fire the Federal Reserve Chairman—federal law stipulates that the Federal Reserve Chairman can only be dismissed for "just cause." This move could have serious negative impacts on financial markets. Government sources told CBS that Trump has mentioned the possibility of firing Powell for "just cause" in public and private remarks, but the White House has not formally established a legal basis. [BlockBeats]