Trump Asked Aides If He Should Fire Powell, Hinted He Would Act, Sources Say

On July 16 (UTC+8), multiple direct sources 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 indicated that Trump implied he would do so. There is no legal precedent for a president firing the Federal Reserve Chairman—federal law stipulates that the Federal Reserve Chairman can only be fired for "just cause." This move could have serious negative consequences for 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. U.S. Representative Anna Paulina Luna of Florida (one of the Republicans who voted against advancing the cryptocurrency bill) posted on Tuesday evening local time: "Hearing Powell is about to be fired! Source is very reliable." In a subsequent post, she wrote: "I'm 99% sure the firing is about to happen." [MetaEra]