Donald Trump’s claim on Thursday that he has the right to fire Federal Reserve chair Jay Powell has thrust a precedent that has protected independent government agencies for the past nine decades into the spotlight.
The president on Thursday attacked Powell, saying “he’s always too late, a little slow. And I’m not happy with him.” When asked by a reporter in the Oval Office whether he would sack the US’s top central banker, Trump said: “If I want him out, he’ll be out real fast, believe me.”
Trump’s offensive has left investors and economists focused on a case now winding its way through the US courts, which involves his earlier firing of board members at another two independent agencies.
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