What do you guys think if Powell is fired?
Thats some banana republic sheeeeet
The Federal Reserve Act says that the President appoints the Board members and the Chair, and they have to be confirmed by the Senate. Powell’s term as Chair ends in 2026. At that point it will be for President Trump to decide whether to nominate Powell for another term as Chair, subject to confirmation by the Senate, or to pick a different Chair.
The Fed Chair has a 4-year term. There are 7 Fed Board members and they have staggered 14-year terms and can be removed by the President for cause. All of that is in the Federal Reserve Act.
You want to talk “banana republic sheeeeet,” if you go to wikipedia Federal Reserve Board of Governors and scroll down to “Succession of seats,” there are 7 columns, one for each of the 7 seats. In each of the first 6 columns, you will find an annotation: “Board reorganized February 3, 1936.” The 7th seat was “Established August 23, 1935 per Banking Act of 1935.”
What that means is FDR fired the entire Federal Reserve Board in 1936 and appointed replacements. As well as adding an additional Board member, also appointed by FDR.
edit: added
Accord of 1951 between the Federal Reserve and the Treasury Department
During World War II, the Federal Reserve pledged to keep the interest rate on Treasury bills fixed at > 0.375 percent. It continued to support government borrowing after the war ended, despite the fact that
the Consumer Price Index rose 14% in 1947 and 8% in 1948, and the economy was in recession.
President Harry S. Truman in 1948 replaced the then-Chairman of the Federal Reserve Marriner
Eccles with Thomas B. McCabe for opposing this policy, although Eccles’s term on the board
continued for three more years. The reluctance of the Federal Reserve to continue monetizing the
deficit became so great that, in 1951, President Truman invited the entire Federal Open Market
Committee to the White House to resolve their differences.
So President Truman replaced the Fed Chair because of policy differences.
There’s nothing new under the sun.
638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf
Part of the Mar-a-Lago plan is need of pretty close cooperation between the Fed and the executive branch.
US will likely go for weakening of the dollar by different measures such as verbal intervention, Treasury funded intervention in FX or Executive Order. If limited impact, cooperation with Fed will be needed (Fed buys long duration Treasuries to weaken the USD, reopening of swap lines, lower rates). If Powell isn’t game, they’ll try to replace him. This criticism prepares the ground for this.
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It’s interesting that everyone (not here, in the outside world) talks about the Fed having a “dual mandate” of inflation and unemployment.
The Federal Reserve Act in its current form (it has been amended over the years) actually imposes a triple mandate “to promote effectively the goals of maximum employment, stable prices, and moderate long-term interest rates.”
i.e. low interest rates are part of their mandate, even if they pretend they aren’t.
Interesting, are you sure that if Powell is fired, the reaction will be ”oh, nothing new under the sun”? 
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Personally. Fed independence is only important if we wil continue to be the world reserve.
If that is no longer the case. The us is buried in a ton of debt that imo is unsustainable.
If we’re going tariff everyone, which is kind of like a war. We might as well devalue their ■■■■ while they hold our money. Since they are going to sell it soon anyways.
Might as well go all in and do a rug pull. Lower rates, print the money. Cause a ton of inflation. Inflate the debt away strategy.
Sure inflation will come, but such is life. We’ll actually fix the trade deficit, budget deficit, and debt issue in one go.
Assets will go up. The able will get raises, and the poor and unskilled will struggle. For too long we push this minimum wage agenda. IMO it should have never existed.
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