Trump tried to push Powell out, but now he may be stuck with him
Jerome H. Powell said Wednesday that he would remain at the helm of the Federal Reserve after the expiration of his term as chair in mid-May, as long as his successor has not yet been confirmed by the Senate.
That is the opposite outcome that President Donald Trump has been pushing for. For months, Trump has waged an unusually aggressive campaign against Powell - publicly demanding steep interest rate cuts and at times threatening to try to remove Powell before his term expired. This culminated with the Justice Department launching a criminal investigation into Powell over brief congressional testimony last summer connected to a $2.5 billion office renovation at the central bank.
That pressure has backfired. Sen. Thom Tillis (North Carolina), a key Republican on the Senate Banking Committee, has refused to allow Kevin Warsh’s nomination to succeed Powell to advance until the Justice Department inquiry into Powell is closed - a bottleneck that has left the administration’s own timeline in limbo and may extend the tenure of the very chair the White House has spent months trying to push out. Trump said in January that he would nominate Warsh, a former Fed governor, but the Senate has yet to schedule a hearing on the nomination.
“That is what the law calls for,” Powell told reporters Wednesday, adding that it is what has been done on several occasions, including when his initial term as chair lapsed during the Biden administration and the Senate had yet to reconfirm him.
https://finance.yahoo.com/markets/currencies/articles/trump-tried-push-powell-now-165144008.html
Slobfather fucks up again.
= new reply since forum marked as read
