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(CNN)President Donald Trump has begun polling advisers about whether he has the legal authority to fire Federal Reserve Chairman Jerome Powell, according to two people familiar with the matter, who described the President as newly furious at the Fed chief as markets tumble.
Earlier this year, Trump’s advisers told the President that it was doubtful he would have the law behind him if he fired Powell. But Trump has renewed the issue after the Fed again raised its benchmark interest rate this week.
So far, the White House hasn’t come to a final legal determination on Trump’s authority to fire his Fed chairman, whom he nominated a year ago. The law states the President can fire a Fed governor for cause, but it hasn’t been tested on the firing of a chairman.
Top West Wing economic advisers have warned Trump that firing Powell would only exacerbate the problem the President is ostensibly trying to solve: nose-diving markets. The unprecedented move would likely cause more turmoil.
Bloomberg first reported Trump’s latest frustrations with Powell.
CNN has previously reported that Trump’s anxiety is mounting about the economy as warning signs of a global slowdown emerge. On days when the market is down double-digits, Trump has surveyed his team about whether he’ll catch the blame. Many have told him he likely will.
Many told Trump he will be blamed? I’m sure that went over well.
". . . those who claim to know the Mind of God, who will tell you what God thinks and how He will judge and condemn others—those people are the greatest of all blasphemers." Aloysius Xingu Leng Pendergast
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