Mnuchin says Trump doesn’t believe he has the right to fire the Fed chair, despite reports saying he has privately discussed the possibility

steven mnuchinAssociated Press/Evan Vucci

  • Treasury Secretary Steven Mnuchin said Saturday that President Donald Trump reassured him that he has never suggested firing Federal Reserve Chairman Jerome Powell.
  • Mnuchin tweeted that Trump believed he didn’t have the power to do so.
  • The statement comes in contrast with a Bloomberg report on Friday that said Trump has repeatedly mentioned wanting to fire Powell over raising interest rates multiple times this year.

Treasury Secretary Steven Mnuchin tweeted Saturday that he spoke to President Donald Trump about reports that he wanted to fire Federal Reserve Chairman Jerome Powell — and said the president reassured him he believed he didn’t have the power to do so.

“I have spoken with the President @realDonaldTrump and he said ‘I totally disagree with Fed policy. I think the increasing of interest rates and the shrinking of the Fed portfolio is an absolute terrible thing to do at this time, … especially in the light of my major trade negotiations which are ongoing, but I never suggested firing Chairman Jay Powell, nor do I believe I have the right to do so,'” Mnuchin tweeted.

See the rest of the story at Business Insider

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