President Donald Trump on Wednesday retracted his previous statements concerning the potential firing of Federal Reserve Chair Jerome Powell, which he discussed with Republican lawmakers.
Trump's Remarks on Firing Powell
After telling Republicans about his intention to fire Powell, Trump told the press, 'We’re not planning on doing it.' He also remarked, 'I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.'
Meeting with Republicans and Draft Letter
Trump held a meeting with a group of Republicans, where he directly asked them whether he should go ahead and remove Powell. According to an anonymous White House source, lawmakers approved the idea. Moreover, Trump reportedly presented them with a draft termination letter, which was confirmed by some media.
Criticism of Powell and His Management
Trump continues to criticize the Federal Reserve's management, including Powell and his board. He specifically pointed out issues with costly renovations at the Fed's headquarters and held Powell responsible for lowering interest rates. Trump aims for a reduction of three percentage points, while rates remain at 4.25% - 4.5%.
Despite the initial discussions about Powell’s dismissal, Trump ultimately denied the rumors, but questions regarding policy and leadership continue to be relevant in the White House.
