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You are here News Economy Mulvaney: Trump 'now realizes' he can't fire Federal Reserve Chairman Jerome Powell

Mulvaney: Trump 'now realizes' he can't fire Federal Reserve Chairman Jerome Powell

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Trump now gets it: He can't fire Powell

Incoming acting White House Chief of Staff Mick Mulvaney said Sunday that President Trump “now realizes” he can’t fire Federal Reserve Chairman Jerome Powell, an acknowledgment that came after reports that Trump has discussed dismissing the Fed chief in recent days amid the stock market’s meltdown.

“I think (Trump) put out a tweet last night specifically saying he now realizes he does not have the authority to fire” Powell, Mulvaney said on ABCs This Week. Mulvaney corrected himself after program host Jonathan Karl pointed out it was Treasury Secretary Steven Mnuchin who tweeted about Trump’s reversal.

In a tweet on Saturday, Mnuchin quoted Trump as saying, “I totally disagree with Fed policy. I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute terrible thing to do at this time, especially in light of my major trade negotiations which are ongoing, but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so.”

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