“I’d love to get the guy currently in there out right now, but people are holding me back,” Trump said ahead of a meeting with Saudi Crown Prince Mohammed bin Salman at the White House.
“He’s a fool. He’s a stupid man,” he said of Powell, whom the president nominated to lead the nation’s central bank in 2017.
Powell’s term as Fed chair ends in May, and Trump is expected to announce a nominee for a successor before the end of the year.
Federal law protects members of the Fed board, such as Powell, from being fired without sufficient “cause.” Courts have generally taken “cause” to mean severe misconduct or neglect of office, not the policy disagreements and personal animosity voiced by Trump.
Experts also warn that an attempt to fire Powell could cause panic in markets, given the unique role played by the U.S. and Fed in keeping the global financial system afloat.
Even so, Trump has threatened to fire Powell dozens of times across his two White House stints.
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