I will never expect a rational decision from Trump, but there’s no way he can legally have that power . No matter which political side you are on , J Powell did what everyone thought it would be impossible and that was to handle inflation and get a soft landing from 2021 up until now
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I will never expect a rational decision from Trump, but there’s no way he can legally have that power . No matter which political side you are on , J Powell did what everyone thought it would be impossible and that was to handle inflation and get a soft landing from 2021 up until now
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Hopefully. Just accelerate this and get it over with.
What do you imagine the punishment would be?
Are you asking if he can’t be legally fired because he did a moderately competent job?
The answer is no.
He can definitely be fired. For whatever reason the white house concocts. And the legality will be determined by the supreme Court. Which is very unlikely to rule against Trump.
Trump hired him. His term is over next year. Alan Greenspan is the last to do more than two terms, I think.
If the Supreme Court overturns the law saying he can’t then yes he can
Regardless Powells term ends before trumps
As stipulated by the Banking Act of 1935, the Chairman is chosen by the president from among the sitting governors to serve four-year terms with the advice and consent of the Senate. The Senate Committee responsible for vetting a Federal Reserve chair nominee is the Senate Committee on Banking.
>Can Trump really fire J Powell?
Probably.
The constitution mandates that someone, somewhere has supervisory powers over each federal official. (I believe it also requires someone in the chain of command is an elected official. I only know a little about this, as it occasionally comes up in lawsuits, like the lawsuit claiming that Mueller’s appointment as special counsel was unconstitutional, which was shot down.)
The Fed Chairman was supposed to be insulated from political influence, but it isn’t clear how much of that is defensible in court, and how much of it is ‘just norms’. Furthermore, The Federalist Society’s unofficial mission is to side with Republicans any way they can, so they might take any opportunity.
…and, of course, Trump gets away with a lot of stuff. He may get away with this, too.
If I was in his position, I would probably appoint a replacement and have him confirmed by the senate. This would imply assent from the legislative branch, and make it all appear above board.
Senate Republicans have been deferential to Trump, so this would probably work for him.
…but Trump is probably not that clever.
No. He might try or try and push him out. Or just wait till his term is over and pretend he did it. And he will probably get away with any of them
The right will justify it, the middle wont hear about it/know why they should care and the dems/left are already in opposition to it.
Apply that setup to every outrage thats coming over the next 4+ years.
Interesting question.
Suppose Trump does claim to fire him, but J. Powell shows up anyway. Would the Federal Reserve act as if he was fired?
At the end of the day, Presidents can order what they please, but getting anyone to abide by it requires the consensus of everyone who executes that order.
Ex. If a President proclaims someone is fired, but everyone below the President ignores it, is that person actually fired?
Similarly, if a President orders someone fired from a private organization, and that organization acts as if they are fired, does the President have the power to fire them?
He can in this current climate where it will be challenged in court and the SCOTUS will rule that he can, under the framework established in Trump V US which indicated the language of having a strong executive who has stronger control over the executive branch.
If no one stops him, he can do whatever he wants.