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U.S. President Donald Trump said in a media interview Wednesday that if Federal Reserve chairman Colin Powell doesn’t step down after his term expires in May, he will\u201cHave to\u201d sack Powell. Reported that this move to the already complex confrontation further escalated, disrupted the Fed’s usually smooth transition of the chairmanship.<\/p>\n
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Mr. Powell’s term as fed chairman expires May 15, but his term on the board of Governors runs through the end of January 2028. In an interview with Fox Business Channel, Trump said that if Powell doesn’t leave, \u201cI’m going to have to fire him,\u201d Reuters reported Wednesday. \u201cI’ve been trying not to fire him, I’ve wanted to fire him for a long time, but I don’t want to be controversial, you know,\u201d Trump said. \u201cI want to be noncontroversial, but he’ll get fired.\u201d.<\/p>\n
Trump also said that he believes his nominee to succeed fed chairman Kevin Walsh will cut interest rates significantly when he takes office, and this is also the biggest point of conflict between him and Powell — Powell and other fed officials believe that, with inflation still above the central bank’s 2 percent target, a rate cut would be unwise. Trump had previously repeatedly blasted Powell on social media over the Fed’s failure to cut interest rates as he had demanded, at one point threatening to remove him from office, raising concerns about the Fed’s ability to maintain its decision-making independence.<\/p>\n
\u201cPolitico\u201d said that in response to Trump’s threat to fire Powell, tom Tillis, a Republican senator, has hinted that he may use his leverage to block the appointment of a new fed chairman or even a new attorney-general. Tillis holds the deciding vote on the Senate Banking Committee, which holds Walsh’s confirmation hearing next Tuesday. Tillis also said he would not rule out using more political leverage — including a vote on the United States Senate Committee on the judiciary — to block the nomination of a successor to former Attorney General Pam Bundy. Tillis, from North Carolina, said he would not seek re-election in this year’s midterm elections after Trump threatened him with a vote last year for opposing congressional passage of the\u201cBig and beautiful\u201d tax cuts and spending bill. Trump said Tillis was\u201cNo longer a senator\u201d. \u201cI’m not dead yet,\u201d Tillis said on Sunday<\/p>\n
In addition to threatening to fire Powell, Trump 15 also hinted that the federal government will continue to investigate the Federal Reserve building renovation overspending. U. S. Attorney Robert Pirrow will lead the charge against Powell for alleged wrongdoing in the renovation of the Federal Reserve Building, Reuters reported Wednesday. The status of the investigation, which will focus on whether Powell made false statements to Congress about the renovation of the Fed’s headquarters in Washington, DC, is unclear. According to a number of media reports, 14 federal prosecutors without prior communication to try to enter the Federal Reserve headquarters construction site, but was blocked.<\/p>\n
Reuters reported that the U. S. Government against Powell a series of pressure, may delay Mr. Walsh to take over as chairman of the Fed confirmation process. Senator Tillis, a Republican, said he viewed the investigation as an unwarranted attack on the Fed’s independence and said it would block Walsh’s nomination unless it was dropped. But both Trump and Ms. Pirrow said the Fed renovation investigation must continue, regardless of the impact on Walsh’s confirmation.<\/p>\n
Trump and Powell are also at odds over the renovation of the Federal Reserve building, according to media reports. Trump and Powell clashed during a rare visit to the Fed’s board of governors last July. Trump criticised the cost of renovating two historic buildings at the Fed’s headquarters and renewed his demand for a rate cut.<\/p>\n
Foreign media have reported that fed chairmen usually leave the board of governors at the same time as they leave office. But the investigation has only strengthened Powell’s resolve to remain on the Fed Board until 2028, a term that coincides with the final full year of Trump’s presidency. At a press conference after the Fed’s March 17-18 policy meeting, powell made it clear: \u201cI have no intention of leaving the board until this investigation is complete, transparent and final; whether I stay thereafter will depend on what I believe is best for the institution and the people we serve.\u201d<\/p>\n
Reuters said the President’s threat to fire Powell highlighted the seriousness of the situation and the potential complications for the administration if Powell refused to leave the seven-member fed board of Governors. With more board seats, Walsh would have more freedom to set monetary policy and push through other desired changes at the central bank. So far, Trump has appointed only three of the seven current governors; of those, Stephen Milan’s term has expired and, as things stand, he will need to step down to make way for Walsh. Three of the seven current governors were appointed by former President Joe Biden; Mr. Powell was promoted from Mr. Trump to chairman of the Fed, but is considered to have always been independent and not subject to presidential pressure or threats; Even trump-appointed governors, such as Christopher Waller, are seen as unlikely to support radical change or even follow Trump’s advice on interest rates.<\/p>\n
But speaking to reporters Wednesday, United States Secretary of the Treasury said he was confident Walsh would be confirmed\u201cOn time.\u201d. \u201cI have full confidence in the established procedures for Kevin Walsh to become the next chairman of the Federal Reserve. He will appear at a hearing on the 21st of this month. He’s an excellent candidate. We know that Republicans on the Senate Finance Committee are on the same page as Republicans on the Banking Committee, and I’m very optimistic about that,\u201d Besant said.<\/p>\n","protected":false},"excerpt":{"rendered":"
U.S. President Donald Trump said in a media interview Wednesday that if Federal Reserve chairman Colin Powell doesn’t step down after his term expires in May, he will\u201cHave to\u201d… <\/p>\n","protected":false},"author":2,"featured_media":8536,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[260,257],"tags":[4680,4678,350,4679],"views":36,"_links":{"self":[{"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/posts\/8535"}],"collection":[{"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8535"}],"version-history":[{"count":2,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/posts\/8535\/revisions"}],"predecessor-version":[{"id":8555,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/posts\/8535\/revisions\/8555"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=\/wp\/v2\/media\/8536"}],"wp:attachment":[{"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8535"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8535"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/forefrontnews.cn\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8535"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}