No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Friday, October 3, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home Market Research Business

Chicago Fed President Austan Goolsbee says a move by Trump to terminate Jerome Powell would ‘undermine the credibility of the Fed’

by TheAdviserMagazine
6 months ago
in Business
Reading Time: 3 mins read
A A
Chicago Fed President Austan Goolsbee says a move by Trump to terminate Jerome Powell would ‘undermine the credibility of the Fed’
Share on FacebookShare on TwitterShare on LInkedIn



President Donald Trump said this week Fed chair Jerome Powell’s “termination cannot come fast enough.” That’s led to a debate about whether the president has the power to remove Federal Reserve leadership. Chicago Fed President Austan Goolsbee says this move could “undermine the credibility of the Fed.”

This week, President Donald Trump set up a showdown with Federal Reserve chair Jerome Powell after the head of the central bank made a speech warning of the impacts of the president’s on-again, off-again tariffs. 

“The level of tariff increases announced so far is significantly larger than anticipated, and the same is likely to be true of the economic effects, which will include higher inflation and slower growth,” Powell said on Wednesday during a speech at the Economic Club of Chicago. 

Trump quickly fired back the following day, criticizing Powell for not lowering interest rates fast enough. 

“‘Too Late’ Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!’” Trump wrote in a social media post. “Powell’s termination cannot come fast enough!”

Although Trump acts as if he has the power to remove the Fed chair, this comes as a direct challenge to a nearly 100-year-old precedent from a Supreme Court case in which the court held that President Franklin Roosevelt could not remove the heads of an independent agency without a good reason such as neglect or wrongdoing. Meanwhile, many critics also fear a move by Trump to remove Powell would decimate confidence in the U.S. economy.

Fed presidents don’t comment on politics in order to uphold the central bank’s stance as an apolitical institution, but one fears what could happen if Trump were to figure out a way to remove Powell.

“I strongly hope that we do not move ourselves into an environment where monetary independence is questioned,” Chicago Fed President Austan Goolsbee told CBS’s “Face the Nation with Margaret Brennan” on Sunday. “Because that would undermine the credibility of the Fed.”

Goolsbee also noted there is “virtual unanimity” among economists that the Fed should have monetary independence from political interference. 

“They came to that not as a theory, but just by looking around the world at places where they don’t have monetary independence,” Goolsbee said. “The [stance] that the Fed or any central bank be able to do the job that it needs to do is really important.”

Powell has also appeared confident he can’t be fired by Trump, and when asked if he would leave if the president asked him to, he said no.

“Generally speaking, Fed independence is very widely understood and supported in Washington, in Congress, where it really matters,” Powell said at the Economic Club of Chicago. 

Trump was also the one to appoint Powell in 2017, but has criticized pretty much everything he’s done including lowering interest rates, raising interest rates, and keeping them steady. 

Still, there’s debate about whether Fed independence is truly protected. Some experts argue monetary independence is more of a norm than a law.

“Laws also depend on people and who they are, how they interpret things, and what they’re willing to do. I think there could certainly be some reduction in the extent of the independence of the Fed going forward,” Itay Goldstein, finance department chair at the University of Pennsylvania’s Wharton School, told Fortune’s Greg McKenna. “Hopefully not.”

This story was originally featured on Fortune.com



Source link

Tags: AustanChicagoCredibilityFedGoolsbeeJeromeMovePowellpresidentterminateTrumpundermine
ShareTweetShare
Previous Post

Trump tariffs could cause summer economic slump: Chicago Fed president

Next Post

Best Motley Fool Epic Discount & Promo Codes of 2025

Related Posts

edit post
Exclusive: Supabase raises 0 million at  billion valuation as vibe coding soars

Exclusive: Supabase raises $100 million at $5 billion valuation as vibe coding soars

by TheAdviserMagazine
October 3, 2025
0

The vibe coding movement, as Paul Copplestone figures it, started last December—and we’re already a few eras in.  “So, wave...

edit post
stock picks: Nifty shows positive reversal; experts eye buying opportunities on dips

stock picks: Nifty shows positive reversal; experts eye buying opportunities on dips

by TheAdviserMagazine
October 3, 2025
0

After a volatile start to the week, the Nifty index has shown signs of recovery, trading flat at 24,840 on...

edit post
Earnings momentum, banks and discretionary consumption to drive market upside: Tushar Bohra

Earnings momentum, banks and discretionary consumption to drive market upside: Tushar Bohra

by TheAdviserMagazine
October 3, 2025
0

Markets may be on the verge of a turnaround as earnings momentum is set to accelerate, according to Tushar Bohra,...

edit post
Tesla vehicle sales made a comeback last quarter. Will a lost EV tax credit end the rebound?

Tesla vehicle sales made a comeback last quarter. Will a lost EV tax credit end the rebound?

by TheAdviserMagazine
October 3, 2025
0

During a rough week for electric-vehicle makers in the U.S., Tesla investors got at least one piece of good news...

edit post
Investor education key to counter get-rich-quick culture: Sunil Subramaniam

Investor education key to counter get-rich-quick culture: Sunil Subramaniam

by TheAdviserMagazine
October 3, 2025
0

A recent survey showing that 62% of retail investors follow advice from financial influencers has sparked a wider debate on...

edit post
Japan’s next leader may be its first woman or youngest in modern era

Japan’s next leader may be its first woman or youngest in modern era

by TheAdviserMagazine
October 2, 2025
0

Japan stands a good chance of having its first woman prime minister or its youngest leader in the modern era...

Next Post
edit post
Best Motley Fool Epic Discount & Promo Codes of 2025

Best Motley Fool Epic Discount & Promo Codes of 2025

edit post
Kansas City was once a hub for federal workers—but now it’s overrun with pain from DOGE cuts. ‘The poor will become even more poor now’

Kansas City was once a hub for federal workers—but now it’s overrun with pain from DOGE cuts. ‘The poor will become even more poor now’

  • Trending
  • Comments
  • Latest
edit post
What Happens If a Spouse Dies Without a Will in North Carolina?

What Happens If a Spouse Dies Without a Will in North Carolina?

September 14, 2025
edit post
California May Reimplement Mask Mandates

California May Reimplement Mask Mandates

September 5, 2025
edit post
Does a Will Need to Be Notarized in North Carolina?

Does a Will Need to Be Notarized in North Carolina?

September 8, 2025
edit post
DACA recipients no longer eligible for Marketplace health insurance and subsidies

DACA recipients no longer eligible for Marketplace health insurance and subsidies

September 11, 2025
edit post
‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

‘Quiet luxury’ is coming for the housing market, The Corcoran Group CEO says. It’s not just the Hamptons, Aspen, and Miami anymore

September 9, 2025
edit post
Tips to Apply for Mental Health SSDI Without Therapy

Tips to Apply for Mental Health SSDI Without Therapy

September 19, 2025
edit post
Senior Discounts That Overcharge More Than Regular Rates

Senior Discounts That Overcharge More Than Regular Rates

0
edit post
stock picks: Nifty shows positive reversal; experts eye buying opportunities on dips

stock picks: Nifty shows positive reversal; experts eye buying opportunities on dips

0
edit post
6 of the Most Surprising Credit Card Rewards Available Right Now

6 of the Most Surprising Credit Card Rewards Available Right Now

0
edit post
Exclusive: Supabase raises 0 million at  billion valuation as vibe coding soars

Exclusive: Supabase raises $100 million at $5 billion valuation as vibe coding soars

0
edit post
How to Claim a Home Office Without Triggering an Audit 

How to Claim a Home Office Without Triggering an Audit 

0
edit post
How Baselane Smart Is Changing Investor Finances

How Baselane Smart Is Changing Investor Finances

0
edit post
Exclusive: Supabase raises 0 million at  billion valuation as vibe coding soars

Exclusive: Supabase raises $100 million at $5 billion valuation as vibe coding soars

October 3, 2025
edit post
Hydrogen Fueling Station Market Growth Outlook & Investment Opportunities

Hydrogen Fueling Station Market Growth Outlook & Investment Opportunities

October 3, 2025
edit post
La Fondazione Ethereum svela la prossima fase della sua rivoluzione sulla privacy

La Fondazione Ethereum svela la prossima fase della sua rivoluzione sulla privacy

October 3, 2025
edit post
stock picks: Nifty shows positive reversal; experts eye buying opportunities on dips

stock picks: Nifty shows positive reversal; experts eye buying opportunities on dips

October 3, 2025
edit post
6 of the Most Surprising Credit Card Rewards Available Right Now

6 of the Most Surprising Credit Card Rewards Available Right Now

October 3, 2025
edit post
Earnings momentum, banks and discretionary consumption to drive market upside: Tushar Bohra

Earnings momentum, banks and discretionary consumption to drive market upside: Tushar Bohra

October 3, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Exclusive: Supabase raises $100 million at $5 billion valuation as vibe coding soars
  • Hydrogen Fueling Station Market Growth Outlook & Investment Opportunities
  • La Fondazione Ethereum svela la prossima fase della sua rivoluzione sulla privacy
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.