Here's Why Here’s Why It’s Not Easy to Fire Jerome Powell
Jul 16, 2025
Amara Omeokwe, a Federal Reserve reporter at Bloomberg, dives into the rising tensions between President Trump and Fed Chair Jerome Powell. She explores the political ramifications of Trump’s criticisms and the complexities of potentially firing Powell. Legal hurdles complicate matters, and the implications for market stability are significant. The discussion also touches on the controversial renovation project at the Fed and how that factors into the leadership dynamics. A riveting look at the intersection of politics and economic policy!
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Trump's Personal Attacks on Powell
- Donald Trump has repeatedly criticized Jerome Powell for not lowering interest rates fast enough.
- The attacks have become more personal, including giving Powell nicknames like "Too Late."
Legal Hurdles to Firing Powell
- Removing a Fed chair requires "cause," meaning malfeasance or neglect of duty.
- The renovation project controversy is being speculated as potential cause for removal, though it's legally uncertain.
Fed Renovation and Criticism Context
- The Fed's renovation is long-planned involving historic buildings and aims to consolidate staff.
- Legal experts doubt the renovation issue constitutes cause to fire Powell despite criticism.