Trump Nears Firing Fed Chair Powell Amid Legal Hurdles

President Donald Trump is reportedly moving closer to firing Federal Reserve Chair Jerome Powell, with many Republican lawmakers expressing support for the move after being shown a draft termination letter in a recent Oval Office meeting. Trump cites dissatisfaction with Powell’s refusal to lower interest rates and controversy over a costly Fed headquarters renovation. A recent Supreme Court decision limits the president’s authority to remove Fed officials at will, raising the likelihood of a significant legal battle if Trump proceeds. Some administration officials and lawmakers have warned about possible financial market instability and risks to the Fed’s independence. Potential successors discussed include National Economic Council Director Kevin Hassett and former Fed governor Kevin Warsh. The situation remains fluid, with no official replacement named and no further comment from the White House or Fed.