Crypto entrepreneur Anthony Pompliano expressed concerns regarding the potential firing of Federal Reserve Chair Jerome Powell following criticism from President Donald Trump.
Pompliano's Warning
Pompliano stated that firing Powell could set a dangerous precedent for the United States. He emphasized that the President should not have the unilateral power to fire the Fed Chair. According to Pompliano, 'The idea of firing the Fed chairman is a very bad precedent to set.'
Trump's Criticism
The President's approach to criticizing Powell and calls for his termination have faced pushback even from his supporters. Pompliano noted that politicizing the Fed could harm the economy.
Response from Senators
Senator Elizabeth Warren defended Powell, stating that his firing could undermine investor confidence and potentially lead to a financial crash. She remarked, 'If Chairman Powell can be fired by the President, it will crash the markets.'
Thus, the potential firing of Jerome Powell raises questions about the independence of the Federal Reserve and could have serious implications for financial markets and the overall economy of the U.S.
