Federal Reserve Chairman Jerome Powell testifies during a House Financial Services Committee hearing on "Monetary Policy and the State of the Economy" in Washington, U.S. July 10, 2019. REUTERS/Erin Scott
Finally, a Republican stood up to Trump as Fed Chairman Jerome Powell told Congress that he would refuse to leave if Trump tries to fire him.
Powell said when asked by Rep. Maxine Waters (D-CA) if he would leave if Trump tried to fire him, “Well, of course, I would not do that. My answer would be no. I’ve said what I intended to say on the subject and what I’ve said is that the law gives me a four-year term and I fully intend to serve it.”
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Powell can refuse to leave because Trump does not have the legal authority to fire him. Powell is a Republican who was nominated by Donald Trump and confirmed by the Senate. The House showed during this hearing that they are standing behind Powell, as it is refreshing to see a Republican not be bullied by the empty bluster of Donald Trump. There is nothing that Trump can do if Powell wants to raise interest rates at some point.
It is not impossible for Republicans to stand up to Trump. The president has gotten away with so much because Republicans have been afraid of standing up to him. Losing the House should have been a wakeup call for the GOP, but it wasn’t. If Republicans continue to enable and fear Trump, they will also lose the White House and Senate in short order.
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