President Donald Trump is sending a mixed message on whether to remove the Federal Reserve Chair Jerome Powell.
Trump Said When asked if he would remove Powell on July 16, he “does not think of doing anything”. However, he also said that he “does not deny anything” and mentioned the renewal project with balloon expenses.
Trump said, “I think it is not very unlikely until he leaves for fraud.” “And it is possible that there is a fraud in renewal of $ 2.5, $ 2.7 billion. This is a renewal, how do you spend $ 2.7 billion? And he had no proper approval.”
According to the Associated Press, the Federal Reserve has been renewed on the first approved board of the first approved board by the Fed to the Fed’s first approved board. According to the Associated Press, the price of $ 2.5 billion is approximately M600m than the original budget.
Changes in design, increase workers and physical costs, and “unpredictable situations”, such as “more asbestos than expected”, Fed said in the FAQ.
But Trump’s administration is using renovation as a possible reason for the departure of Powell. Rush Vot, director of the Office of Management and Budget, sent a letter to Powell on July 10, saying that the project is “without compliance with the approved plan” and the “violation” of the National Capital Planning Act, which gives information on how agency can change federal buildings.
Trump’s quarrel with Powell is not new. For months, have been the President Criticism Powell, for whom he was appointed in the role of 2017 Refusing to leave interest rates?? In response to inflation, the Fed raised interest rates in the administration of former President Joe Biden in 2 and 23.
They have told Powell since they entered the Trump White House in January Resignation And threatened to remove him.
Trump said in April, “If I want to get him out, he will be really fast, trust me.” “I’m not happy with him.”
In November, journalists asked after the 2024 elections Powell If he is down or the right to remove Trump or not.
“Not permitted by law,” said Powal.
Trump spoke to the Republican MP’s firing on a chair on July July 7, several news agencies said. According to New York Times reports, Trump showed the shooting of Powell.
Trump refused to write a letter.
“No, I talked about the concept of shooting him. I said, ‘What do you think?’ Trump said, almost everyone wants me, “Trump said. “But I am more conservative than them.”
Trump credits his network of shooting Powell to his “consciousness”, the biggest problem is the question of legal question. Why here is.
What is the role of the Federal Reserve; Who appoints his chair?
Federal Reserve is the central bank of the country. Its responsibilities include determining interest rates and supervision and regulation of banks. It was created as part of the Federal Reserve law in 1913 and operates a separate governor’s board. The seven governors of the board were nominated by the President and the Senate has confirmed it. According to the Congress Research Service, the President selects the chair and two vice -presidents out of the seven.
Speaking to reporters, Trump ignored the person who was nominated as a chair in 2017: “I was surprised that he was appointed,” Trump said. “I was surprised, very clearly. Biden brought him in and raised him.”
In 2021, Biden Reputed For the second four -year period, he will end in May 226. After that, Powell can remain on the Governor’s board by January 228.
Can President’s Federal Reserve Chair to shoot?
The Congress and the White House have much freedom from the Congress and the White House than other government agencies, the Congress Research Service said in the January report.
According to the report, economists have proved the justification of independence that the decision on economic policy should not affect political pressure. To ensure the Fed’s responsibility, the chair testifies to the Congress, just like the state government agencies.
According to the law, the Fed’s chair can be removed from the “President for reasons.” It refers to the “inefficiency, neglect of duties, or abuse in the office” by the Supreme Court’s decision of the Federal Trade Commission.
In May, the Supreme Court ruled that Trump’s right to remove two different separate agencies members. In his-3-3 decision, the court approved an emergency request to remove the heads of the agency, while the legal case of firing in the court is underway.
According to him, the Supreme Court addressed the Fed and said that the decision did not affect the agency.
“The Federal Reserve is a specific constructive, semi-khajagi organization that is in accordance with the different historical traditions of the first and second banks of the United States,” the Supreme Court said.
Some legal experts ask questions about the legitimacy of Trump Firing Powell. The task of deporting him will probably end in the court.
Peter Cant-Brown, a professor of financial regulation at the University of Pennsylvania, said that there was no “reason” for Powell’s dismissal at the cost of renovation of the Fed’s building.
“There is no real basis for supporting any conclusion that the renewal project has done anything like cheating or overwhelming neglect,” said Cant-Brown. “If Powell had cheated in this regard or anything else, there may be any case in the case of his deletion.”
Conti-Browown said Trump had talked about Powell’s removal for a long time. Trump could be considered to be the “reason of his firing” by Trump’s renewal budget-the legal terms used by the continent-brown, used to describe the false cause given to an employee for reasons for reasons.
Cant-Brown said, “After the fact, the courts that evaluate any efforts will evaluate both the oppression and the pretext against President Trump,” said Cant-Brown.
However, it is unclear how the courts will react because “this is an unwritten legal region”, Jeremy Crestle, Michigan University of Finance, Law and Policy, a former Fed Banking Regulator, New York Times.
Legal scholar at Colombia University Lev Menand agreed with the Crace.
“In normal times, I would say that Powell won 10 out of 10 times,” Menand told the New York Times. “But these are not normal times, because this court has proved that when the President is involved in illegal behavior and is ready to create the power of the President as widely to allow the President to remain subject to law.”
