A Republican member of the Senate committee that oversees the Federal Reserve has hit out at Donald Trump’s attacks on Jay Powell, saying no president has the authority to fire the head of the US central bank.
“I don’t think the president, any president, has the right to remove the Federal Reserve chairman,” John Kennedy, a Louisiana Republican who sits on the Senate banking committee, said on NBC on Sunday. “I think the Federal Reserve ought to be independent.”
The remarks come just days after Trump signalled he believes he does have the authority to fire Powell, telling reporters in the Oval Office on Thursday: “If I want him out, he’ll be out real fast, believe me.”
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