President Trump showed off a draft of a letter firing the chair of Federal Reserve, Jerome H. Powell, during a meeting with roughly a dozen House Republicans on Tuesday night, polling them as to whether he should do it and indicating that he likely would, according to two people briefed on the meeting.
The NYT contains several quotes from the CBS story ,but skips much of the name calling Trump uses against Powell.
The Fed is an independent body, Trump can’t fire him, no matter what he says. The guy electriced by the big banks.
Oh I know, but we all know he’s gonna try.
If he gets his way, they’ll throttle down interest rates, inflation will soar as business raise prices to recoup their losses from the tariffs, and we’re all up shit creek more than we already are.
Why do big banks get a vote and nobuddy else do? Seems undemocratic
The person above you is incorrect, the highest positions are nominated by the president and confirmed by the senate. However, the Fed does work somewhat independently of the government and does work directly with banks.
This is all done to ensure that the Fed is somewhat apolitical and only focused on its goals of “maximizing employment, stabilizing prices, and moderating long-term interest rates”
This independence is part of why Trump hates the Fed, because they won’t give into his demands (as they shouldn’t cause Trump is blowing up the economy).
Source - wikipedia
Why people gotta tell porky pies in the internet, smh my head