Trump to Visit Fed as Pressure on Powell Mounts
Trump to Visit Fed as Pressure on Powell Mounts
The News
U.S. President Donald Trump will visit the Federal Reserve on Thursday, the White House said, escalating his pressure campaign against Chairman Jerome Powell.
Trump’s visit is a remarkable symbolic move on that independence, bringing his drumbeat of criticism over Powell’s refusal to lower interest rates right to the chairman’s doorstep.
Trump has repeatedly criticized Powell for not cutting interest rates, even floating the idea of firing him, despite legal questions over his authority to do so.
Timeline
The White House released a schedule on Wednesday that said Trump would visit the Federal Reserve at 4:00 p.m. ET on Thursday.
Trump last week sought opinion from a group of Republican lawmakers on firing Powell, before denying he intended to remove the Fed chair. “We’re not planning on doing it ... I think it’s highly unlikely, unless he has to leave for fraud.”
Reactions
“I think he’s done a bad job, but he’s going to be out pretty soon anyway,” Trump told reporters earlier this week at a White House event.
Powell has said that his firing is “not permitted under the law.”
More
This is the first time in nearly two decades that an American president will be making an official trip to the central bank.
American presidents have traditionally respected the independence of the Fed, which is insulated both in law and in practice from the political whims of elected officials.
While former presidents have criticized prior Fed chairs, no president has attempted to fire the top central banker.
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