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We’ve all got it by now that President Donald Trump can’t fire Federal Reserve Jerome Powell. But the rest of the board? They’re fair game. And he knows it. So do they, which is why some are reportedly already looking for help to keep their jobs.

The Federal Reserve Board is made up of seven members, each appointed by the President and confirmed by the Senate. With many Biden appointees in key positions right now, Trump might see it fit to clean house.

Who’s sitting on the chopping block?

First, let’s talk about Powell. Trump appointed him back in 2017, and his term as Chair doesn’t expire until 2026. Legally, Powell can’t be removed unless the president-elect finds a reason that meets the “for cause” standard. That means gross misconduct, not policy disagreements.

Powell knows this. He’s defiant, and oddly very powerful. When asked if he’d resign if Trump asked, Powell replied with one word: “No.” He then allowed a few seconds to pass so everyone could take his response in.

But Trump isn’t focused on Powell yet. He’s got a smaller fish to fry, starting with Michael Barr, the Vice Chair for Supervision. Barr’s job is to oversee bank regulation, and he’s a Biden guy. His term runs until 2026, but Trump’s advisers are already exploring ways to get rid of him.

The argument? Barr’s role isn’t tied directly to monetary policy, so it might not carry the same protections as Powell’s job. Barr, clearly aware of the incoming storm, has lawyered up. He’s seeking advice from Arnold & Porter, a heavyweight law firm, in case Trump does pull the rug out from under him.

Next, there’s Adriana Kugler. She’s another Biden appointee, and her term ends in January 2026. Trump doesn’t even have to get creative here — Adriana has a terrible reputation. Philip Jefferson and Lisa Cook, both appointed by Biden in 2022, are also in danger of losing their jobs.

Trump’s allies on the board are safe though. Christopher Waller, who joined in 2020, and Michelle Bowman, appointed in 2018, are Trump picks. Waller focuses on monetary policy, and Bowman is all about community banking. These two aren’t going anywhere unless Trump wants them gone—and why would he?

The legal loopholes Trump might exploit

Here’s where it gets tricky. Federal law says a Fed governor can only be removed “for cause.” That sounds airtight, but the definition of “cause” isn’t crystal clear. Misconduct? Sure. Policy disagreements? Probably not. But Trump, being who he is, could test this in court.

Alan Blinder, a Princeton economist and former Vice Chair of the Fed, weighed in. He thinks the courts would likely side with Powell, but he’s not making any guarantees. “Trump could try and he might try,” Blinder said. If it goes to the Supreme Court, all bets are off.

There’s also the option of demotion. Trump could leave Powell on the board but strip him of the Chair position. It’s never been done before, so there’s no precedent, but legal experts agree it’s a gray area.

And if Trump doesn’t want to deal with the courts, he could go straight to the Republican-majority Congress. The Federal Reserve Act isn’t carved in stone. Congress can amend it, and Trump could lobby for changes that weaken the Fed’s independence.

The president’s allies are already rallying behind him. Senator Mike Lee posted on X (formerly Twitter), “The Executive Branch should be under the direction of the president. Yet another reason why we should #EndTheFed.”

Elon Musk, the guy the president calls “America’s First Buddy,” chimed in with a not-so-subtle emoji to Lee’s post. The Federal Reserve’s independence has always been a sensitive issue. It wasn’t until the 1950s that the Fed became truly independent, breaking away from the Treasury Department’s influence.

Since then, presidents have largely respected the Fed’s autonomy. Trump, however, is not like most presidents. Attempts to remove Fed officials are rare, but they’re not unheard of.

During Franklin D. Roosevelt’s presidency, a case involving the dismissal of an FTC commissioner set a precedent for protecting agency independence. Legal experts believe this case could be cited if Trump tries to oust Powell or any other board member.

Why does this matter? Because the Fed’s decisions affect everyone. It has far-reaching effects for global economies and financial markets.

Wall Street is already nervous. Any move to undermine the Fed’s independence could spook our markets, just as it did during Trump’s first term. Or a few days ago after Powell said his Fed wants nothing to do with Bitcoin ever, and it crashed by 8% in mere hours. Nothing is safe.

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