White House Previously Considered Demoting Fed Chair Powell
Reuters reports the White House earlier this year explored the option of stripping Jerome Powell of his Federal Reserve chairmanship and demoting him. White House economic adviser Larry Kudlow declined to confirm or deny the report but said that U.S. President Donald Trump is not considering changing Powell's status. Trump has complained that the Fed has weakened his economic and trade policies by keeping its policy too tight. Trump picked Powell to replace Janet Yellen. His four-year term as chairman lasts until 2022.Trump told ABC News last week, "I'm not happy with what he's done."