Senator Elizabeth Warren expressed concerns that President Trump might undermine U.S. financial markets by seeking to remove Federal Reserve Chair Jerome Powell, whom Trump appointed. The President has criticized Powell and suggested dismissal based on alleged over-budget renovations to the Fed building. Warren articulated that the Fed's independence is critical for effective monetary policy, noting that the President legally cannot fire the Fed Chair. She highlighted the importance of the Fed's stability to maintain global financial confidence, citing past negative market impacts due to Trump's threats against Powell.
Senator Elizabeth Warren warned that President Trump risks destabilizing U.S. financial markets if he removes Federal Reserve Chair Jerome Powell, a position Trump himself appointed.
Trump has persistently called for Jerome Powell's removal, ostensibly over concerns about the Federal Reserve building renovation, raising alarms about his intentions.
Warren emphasizes that the Federal Reserve is designed to be independent from the President, with terms that do not coincide with presidential terms, ensuring sound monetary policy.
The independence of the Federal Reserve is crucial for global confidence, as evidenced by market reactions following Trump's previous threats to terminate Powell.
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