US EditionJill On Money: Can Trump fire Powell? And other burning questions
- Congress created the Federal Reserve in 1913 to stabilize the American banking system and reduce frequent 19th-century banking panics.
- This central bank was designed to operate independently so it could manage the economy without political pressure, as affirmed by a 1935 Supreme Court ruling.
- The ruling states Fed officials can only be fired for cause, usually interpreted as a crime like embezzlement, making presidential removal difficult.
- Jerome Powell, the Fed chair, has been steadfast, and presidents may not legally fire or demote him, as he would not step down if asked.
- This independence suggests the Fed can steer economic policy without fear of retribution, preserving its role despite political pressures or controversies.
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32 Articles
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Total News Sources32
Leaning Left1Leaning Right0Center31Last UpdatedBias Distribution97% Center
Bias Distribution
- 97% of the sources are Center
97% Center
C 97%
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