Trump threatens to fire Powell if he doesn’t step down as Federal Reserve chair

Former President Trump threatens to remove Jerome Powell as Fed chair, setting stage for a high-stakes political clash over central bank independence. | Contesto: cronaca

Punti chiave

• Trump threatens to fire Powell if he doesn’t step down as Federal Reserve chair

Contesto

Former President Donald Trump has threatened to fire Federal Reserve Chair Jerome Powell if he does not step down from his position, a move that would directly challenge the long-standing tradition of central bank independence from political pressure. The threat, issued as Trump campaigns for a return to the White House, centers on Powell's current term as chair, which is set to expire in May. Powell has previously indicated that if a successor is not confirmed by the Senate before his term ends, he would continue to serve as chair pro tempore, a scenario Trump now seeks to preempt. The Federal Reserve's operational independence, carefully cultivated over decades, is designed to insulate monetary policy decisions—such as setting interest rates to control inflation—from short-term political calculations. A direct dismissal of a sitting chair by a president would represent an unprecedented breach of that norm. While the Federal Reserve Act grants the President authority to remove a Fed governor "for cause," that power has never been exercised, and legal scholars widely interpret "cause" as requiring malfeasance or neglect of duty, not policy disagreements. Powell has not been accused of any such failings. Jerome Powell, first appointed as Fed chair by Trump in 2018 and later renominated by President Biden, has navigated a tumultuous economic period marked by a global pandemic, historic inflation, and aggressive interest rate hikes. His relationship with Trump deteriorated during his first term after the Fed raised rates, drawing public criticism from the then-president. The current threat reignites that fraught dynamic and signals that, if elected, Trump would seek immediate influence over the body that controls the cost of borrowing for the U.S. government, businesses, and consumers. The implications for financial markets and economic stability are profound. Investors price assets based on expectations for Fed policy, and the perception of a politicized central bank could trigger severe volatility, undermine the dollar's value, and increase long-term borrowing costs. The credibility of the Fed is its primary tool for managing inflation and expectations; that...

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Categoria: cronaca