๐ #TRUMP 's Shocking Statement: "Should I Fire Powell?"
According to reports from The New York Times and YFT, Trump openly asked the Republican lawmakers in attendance whether he should fire #Powell . Claiming that the majority supported the idea, Trump went a step further and personally showed a draft of the letter requesting Powell's dismissal.
Following this move, all hell broke loose behind the scenes. CBS News confirmed that Trump had also met privately with some lawmakers on the matter.
๐ฐ $2.5 Billion Fed Renovation: "Is This a Scam?"
In addition to Powell's controversial economic policies, the meeting also brought up the ongoing $2.5 billion renovation project at the Federal Reserve's headquarters in Washington. Trump highlighted the project's $700 million budget overrun, suggesting it could be a "scam."
Some legal experts believe Trump intends to frame this project as "abuse of office" and consider it grounds for impeachment. Under current US law, a president can only remove a Fed Chair for documented misconduct or a breach of duty. A policy difference is not sufficient grounds for dismissal.
โ๏ธ Legal Obstacles and the Supreme Court's Warning
The US Constitution requires the Federal Reserve Chair to be independent of political pressures. In a recent decision, the Supreme Court emphasized that members of independent government bodies can only be removed for legitimate reasons.
In this context, although Powell's term technically ends in 2026, she is eligible to remain on the board until 2028. Trump's move has once again brought to the forefront an area where legal boundaries are being tested.
๐ญ Political Theater or Real Threat?
Those close to Trump are divided:
Some believe this is simply a political stunt designed to intimidate Powell.
Others believe Trump is truly serious about this issue and will even implement this decision as his first move if re-elected during his term.
Representative Anna Paulina Luna, making a statement on X (former Twitter), implied that Powell's dismissal was "imminent." This further fueled the rumors.
๐ Markets Quiet but on Alert
While there hasn't been a sharp reaction in the markets for now, economists and investors are watching these developments with concern. Interfering with the Fed's independence could undermine long-term investor confidence.
While it's thought that this attempt, as with Trump's previous statements, may fail, his submission of a draft letter this time raises the seriousness of the issue.
๐ Conclusion: Is Trump Re-Politicizing the Economy Through the Fed?
This incident could call into question not only Powell's fate but also the independence of the US Federal Reserve. If Trump formalizes this letter, it will be a first in American history: No US president has ever attempted to remove a Fed Chair.
So, is this just a bluff, or is it truly the beginning of the end for Powell? The answer will depend on Trump's political actions and the balance of power within the Republican Party in the second half of 2025.