I was wrong, the Fed chair has a four year term.
The FBI has a ten year term.
And it wouldn't be easy for Trump to fire him.
Trump’s renewed criticism of Powell for not lowering interest rates to help the United States compete against China, delivered in an interview on Fox Business Network, was the latest in a series of attacks that started only months after Trump made him Fed chief in early 2018.
“I have the right to demote him. I have the right to fire him,” Trump said in the interview on Wednesday, adding that he had “never suggested” doing so.
The Federal Reserve Act says a president can only remove a Fed chair “for cause.” Historically the courts have not interpreted that to include policy differences.
“I think the law is clear that I have a four-year term, and I fully intend to serve it,” Powell said after the Fed’s June policy-setting meeting.
But the White House could try to make a case for demoting Powell but leaving him on the Fed’s Board of Governors, legal experts said. If so, Powell would have the strongest case to challenge that in court.
“He would surely have standing,” said Robert Hockett, a law professor at Cornell Law School, whose research includes monetary law and economics. The Fed may also have standing, though it is less clearcut, he added.
A demotion would mean a pay cut, from an annual salary of $203,500 to $183,100, base pay levels set by Congress for 2019.
article:
http://www.reuters.com/article/us-usa-trump-fed/trump-says-he-can-fire-feds-powell-its-not-that-simple-idUSKCN1TR1SU
DO SOMETHING!
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