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Easy
multiple choice
What legal authority does President Trump have to fire Fed Chair Jerome Powell?
Explanation
Trump can only fire Fed officials "for cause"—but he just fired Governor Lisa Cook based on flimsy mortgage allegations from a political ally. Cook is fighting in court, testing whether "for cause" me...
Sources
- Section 10. Board of Governors of the Federal Reserve System
- Trump tells Fed's Lisa Cook she's fired; she says 'he has no authority to do so'
- Fed Governor Lisa Cook sues to challenge Trump’s attempt to fire her, setting up a showdown over presidential power | CNN Business
- How Trump's attempts to control Federal Reserve board threaten its long-held independence
- Fed governor Cook responds to Trump firing: "I will not resign"
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Powell was originally appointed as Fed Chair by Trump during his first presidency.
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