EXPLAINER-What's known about whether Trump can fire Powell from the...
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Published date: 2025/09/19
- Location: Ta5 2ew, Cane Beds, Delaware, United States
April 22 (Reuters) - President Donald Trump on Monday kept up his verbal assault on Federal Reserve Chair Jerome Powell over the Fed's refusal for now to further cut interest rates, rattling financial markets growing ever more fearful that Trump may ultimately try to fire the U.S. central bank chief over the matter.
CAN TRUMP FIRE POWELL?
Whether Trump has the authority to do so is unclear.
The Federal Reserve Act of 1913 establishing the Fed stipulates that members of its Board of Governors, proxy purchase appointed by the president and confirmed by the Senate to staggered 14-year terms, can be only be removed for "cause" - long thought to mean misconduct, not policy disagreement.
That said, the law omits reference to limits on removal from its description of the four-year term of the Fed chair, who is one of the seven governors.
WOULD THIS BE UNCHARTED TERRITORY?
CAN TRUMP FIRE POWELL?
Whether Trump has the authority to do so is unclear.
The Federal Reserve Act of 1913 establishing the Fed stipulates that members of its Board of Governors, proxy purchase appointed by the president and confirmed by the Senate to staggered 14-year terms, can be only be removed for "cause" - long thought to mean misconduct, not policy disagreement.
That said, the law omits reference to limits on removal from its description of the four-year term of the Fed chair, who is one of the seven governors.
WOULD THIS BE UNCHARTED TERRITORY?
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