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The White House Has Looked Into Demoting The Federal Reserve Chief
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20 Jun 2019 04:57 AM EST

According to Business Insider, The White House reportedly looked into demoting Federal Reserve Chairman Jay Powell in February, a few months after the central bank last hiked interest rates. Bloomberg reported Tuesday that the White House Legal Counsel examined whether it was possible to strip Powell of his chairmanship but keep him on the Board of Governors. President Donald Trump has repeatedly lambasted the Federal Reserve, arguing that its policies have held back growth. Ahead of the 2020 elections, President Trump has increased pressure on independent central bank to lower interest rates and has sought to put political allies on its policymaking board.

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