White House Explored Legality of Demoting Fed Chairman

“The White House explored the legality of demoting Federal Reserve Chairman Jerome Powell in February, soon after President Trump talked about firing him,” Bloomberg reports.

“The White House counsel’s office weighed the legal implications of stripping Powell of his chairmanship and leaving him as a Fed governor, the people said, in what would be an unprecedented move. A replacement would have to be nominated by Trump and confirmed by the Senate.”