While Trump Can’t Fire Powell, He Can Fire Everyone Else at the Fed
Everyone knows that President Donald Trump can’t fire Jerome Powell, the head of the Federal Reserve. The rest of the board? Fair play. And he knows. So do they, which is why some are apparently looking for help keeping their jobs.
All seven members of the Federal Reserve Board are nominated by the president and confirmed by the Senate. Trump could clean up Biden’s many top appointments.
On the chopping block?
First, let’s talk about Powell. Trump reappointed him in 2017, and his chairmanship runs until 2026. Powell can’t be fired without a “for cause” excuse from the president-elect. Gross misconduct, not political wrangling.
Powell knows. He’s known for insubordination and unusual power. Powell said “no” when asked if he’d step down if Trump asked. He waited a few seconds for everyone to digest his remark. Trump is not considering Powell yet. His first target is Michael Barr, the vice chairman for oversight. Barr oversees banking regulation and is a Biden backer. $BTC