CandleFocus Trump might not be able to fire Powell but he can remove everyone else at the Fed
2024-12-21
Author: Content Editor
President Donald Trump is reportedly considering firing several members of the Federal Reserve Board, including Vice Chair for Supervision Michael Barr, as they are Biden appointees. While Powell, the Chair of the Board, cannot be removed unless there is gross misconduct, other members may be more vulnerable. Barr has already sought legal advice in anticipation of a possible dismissal. Adriana Kugler, Philip Jefferson, and Lisa Cook are also at risk of losing their positions. However, Trump's allies on the board, Christopher Waller and Michelle Bowman, are considered safe. Trump may test the legal definition of "for cause" in order to remove these members or even consider demotion. Alternatively, he could lobby for changes to the Federal Reserve Act through Congress. The implications of these potential actions on the Fed's independence and the global economy are significant.
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