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Richard Cordray

Trump said he won't fire the Federal Reserve chairman. That's wise, because he probably can't

Trump said he won't fire the Federal Reserve chairman. That's wise, because he probably can't

President Trump on Thursday blamed the Federal Reserve for the recent stock market downturn but said he would not dismiss his hand-picked chairman, Jerome H. Powell.

“No, I’m not going to fire him.” Trump said in the Oval Office after a reporter asked him if Powell’s job was in jeopardy due to recent hikes in the Fed’s benchmark short-term interest rate that Trump said “disappointed” him.

But it would be very difficult for Trump to fire the Fed chairman even if he wanted to.

The Fed is independent of the White House. Unlike Cabinet officials and most other executive branch employees, the central bank’s chairman and members of its board of governors do not serve at the...

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