'I can't hear you': Rep. Maxine Waters pushes Fed Chairman Powell to explain what he would do if Trump tried to fire him
SAN FRANCISCO/WASHINGTON - Federal Reserve Chairman Jerome Powell came to Capitol Hill on Wednesday with two goals: cementing the case for an interest rate cut at the end of this month, and bolstering his own congressional wall of protection against a president who has made a daily habit of Fed bashing unseen since the 1970s.
Financial markets have fixated on interest rates, and after Powell began speaking, traders of futures tied to the Fed’s policy interest rate remained fully committed to bets on a rate cut by month’s end. The Federal Reserve Act says a president can remove a Fed chair only “for cause,” and any move to oust him would likely touch off a legal fight.
Republican Senator Patrick Toomey, on the Senate banking panel that will hear from Powell on Thursday, was even more pointed: removing Powell from his post, he told Bloomberg TV, would be a “very bad idea.” In all, he has spent time with at least 48 of the Senate’s current 100 members, including all of the Senate Banking Committee Republicans and nine of the 12 Senate Banking Democrats who will question him on Thursday.
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