The post Trump might not be able to fire Powell but he can remove everyone else at the Fed appeared on BitcoinEthereumNews.com.

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 —…

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Filed under: News - @ December 21, 2024 1:21 pm