Trump appears to forget he appointed Fed chair — denies rumors he may fire him

President Donald Trump is denying multiple reports that he intends to fire Federal Reserve Chair Jerome Powell, even as he continues to criticize him and express frustration over the Fed’s refusal to cut interest rates to the levels he has demanded. The Federal Reserve is an independent central bank, and the President has no legal authority to dictate its actions. On Wednesday, Trump criticized Powell, appeared to forget that he appointed him, and blamed President Joe Biden for his nomination.

Should Trump attempt to fire Powell, it would be an unprecedented move. The U.S. Supreme Court has indicated there are limits to the President’s authority to remove Fed officials.

On Tuesday evening, in a meeting with Republican lawmakers, Trump asked their opinion of firing Powell, whom he nominated in late 2017. Powell was renominated by President Joe Biden in 2021. The chairman of the Federal Reserve serves four-year terms, and Powell’s expires next year.

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“The President asked lawmakers how they felt about firing the Fed Chair. They expressed approval for firing him. The President indicated he likely will soon,” a senior White House official told CNBC, NBC News reported.

“A recent Supreme Court decision indicated that the president does not have the authority to remove Fed officials at will,” NBC also reported.

But CNBC later reported that Trump denies he plans to fire Powell.

“We’re not planning on doing it,” he said. “It’s highly unlikely.”

Minutes ago, in the Oval Office, Trump appeared to forget he had been the first to nominate Powell as Fed chair. He told reporters that Powell is a “terrible Fed chair,” and he was surprised he had even been appointed. Trump added, “I was surprised, frankly, that Biden put him in and extended him.”

Responding to the video (below) the House Ways and Means Democrats asked, “Did he forget?”

U.S. Rep. Greg Landsman (D-OH) wrote: “Legit question, does he have memory issues? Or does he remember but doesn’t want people to know that this is his fed chair? I just want a normal leader in this job….”

Watch the video below or at this link.