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The economic advisor to the White House, Kevin Hassett, stated on Friday that U.S. President Donald Trump and his team are considering the issue of dismissing Jerome Powell, the Chairman of the Federal Reserve.
Hassett responded to a question at the White House about whether dismissing Jerome Powell is an option by stating: "The president and his team will continue to study this matter."
Hassett's statement came a day after Trump intensified a longstanding dispute with Powell, accusing him of acting "for political purposes" by not lowering interest rates.
Trump added that he has the authority to dismiss Powell from his position "very quickly."
Earlier, Powell told Trump that the law "does not allow for his dismissal," and that he would not leave his position if Trump asked him to, indicating that he intends to continue in his role until the end of his term in May 2026.
Powell clarified this week that he does not believe the current case before the U.S. Supreme Court will apply to the Federal Reserve.
The U.S. Treasury Secretary warned that dismissing Federal Reserve Chairman Jerome Powell could expose financial markets to instability.
