CoinVoice has recently learned that, according to a report by CBS News, multiple direct sources revealed that Trump asked a group of House Republicans on Tuesday whether he should fire Federal Reserve Chairman Powell, and those present agreed.
Several people indicated that Trump suggested he would do so. The action of a president firing the chairman of the Federal Reserve has no legal precedent—federal law states that the Fed chairman can only be dismissed for 'good cause.' This move could have serious negative impacts on financial markets. Insider sources have informed CBS that Trump has mentioned the possibility of dismissing Powell for 'good cause' in both public and private remarks, but the White House has not yet formally established a legal basis. The act of firing Powell could immediately trigger legal challenges.
The U.S. Supreme Court recently suggested that they believe Trump does not have the authority to do so. The justices ruled in May that Trump could dismiss members of independent federal agencies, including the National Labor Relations Board, but indicated that this ruling may not apply to the Federal Reserve, as the Fed is a 'uniquely structured quasi-private entity.' [Original link]
