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https://www.bloomberg.com/news/articles/2019-06-18/white-house-explored-legality-of-demoting-fed-chairman-powell
âLaw Is Clearâ
Powell told the CBS News program â60 Minutesâ in March that he didnât think it was appropriate to comment on Trump. But Powell also said he doesnât think the president has the authority to fire him. âThe law is clear that I have a four-year term. And I fully intend to serve it,â he said.
Even if he could demote Powell, Trump canât choose the chair of the Fedâs rate-setting panel, the Federal Open Market Committee. By tradition, committee members select the Fed chair as their chairman, but they are free to choose anyone on the panel. In the absence of a chair, the committeeâs vice chair â traditionally the president of the New York Fed â would run the meetings.
Currently, five of the Fedâs seven seats are filled, and Trump is weighing candidates for the other two seats. Trump has named four people since last year for those two seats, none of whom made it through Senate confirmation.