The Revolt at the Fed

The central bank’s governors vow to re-elect Jerome Powell chairman even if the president fires him.

AP/Mark Schiefelbein
The Fed chairman, Jerome Powell, November 7, 2024. AP/Mark Schiefelbein

The question of whether President Trump can fire the head of the Federal Reserve has ignited an absolutely astonishing revolt by the governors of the central bank. They have vowed, the Wall Street Journal reports, that if Trump tries to fire the current chairman, Jerome Powell, the board will keep reelecting him to the same chairmanship. Mr. Powell himself pledged, during a press conference last week, not to leave his position even if fired.

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