President Trump said he has no plans of removing Federal Reserve Chairman Jerome Powell from his post despite claiming he has the authority to do so.
“If I wanted to, but I have no plans to do anything,” Trump said when asked by The Hill on Monday if he had the power to remove Powell.
FOX Business’ Charlie Gasparino reported last week that President Trump feels that he can get rid of Federal Reserve Chairman Jerome Powell.
Trump has been very critical of Powell and slammed the head of the U.S. central bank for leaving interest rates unchanged.
“Despite a Federal Reserve that doesn’t know what it is doing - raised rates far too fast (very low inflation, other parts of world slowing, lowering & easing) & did large scale tightening, $50 Billion/month, we are on course to have one of the best Months of June in U.S. history,” the president tweeted in a two-part post.
Trump even suggested last week that the stock market would be “10,000 points higher” if the Fed did not raise interest rates in December, marking it the fourth hike in 2018.
A Bloomberg report stated the White House explored the legal avenue to potentially demote Powell. Despite his repeated criticism, the president has denied he threatened to remove Powell from his post.
“I didn't ever threaten to demote him,” Trump said during an interview on “Meet the Press.”
“I'd be able to do that if I wanted, but I haven't suggested that.”
Powell was nominated to the Fed Chair position by Trump and confirmed by the United States Senate in February of 2018. His term ends in 2022.