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Legal Question at the Heart of the Fed Chair Showdown

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“At the heart of President Trump’s threat to fire Jerome Powell lies an unsettled legal question: When the Fed chair’s term expires without a confirmed successor, who gets to decide what happens next?,” the Wall Street Journal reports.

“This week, the administration signaled that if no successor is confirmed by May 15, Powell shouldn’t continue as chair. Treasury Secretary Scott Bessent said Tuesday that several people—not just Powell—could serve as the Federal Reserve’s interim leader, naming Vice Chair Philip Jefferson and governor Christopher Waller as alternatives.”

“On Wednesday, Trump went further, saying ‘I’ll have to fire him’ if Powell didn’t step aside.”

“But last month, Powell pre-emptively staked out his position, announcing he would continue leading the central bank as ‘chair pro tempore’ if no successor is confirmed on time.”

Victoria Guida: How Trump is sabotaging himself on the Federal Reserve.

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About Political Wire

goddard-bw-snapshotTaegan Goddard is the founder of Political Wire, one of the earliest and most influential political web sites. He also runs Political Job Hunt, Electoral Vote Map and the Political Dictionary.

Goddard spent more than a decade as managing director and chief operating officer of a prominent investment firm in New York City. Previously, he was a policy adviser to a U.S. Senator and Governor.

Goddard is also co-author of You Won - Now What? (Scribner, 1998), a political management book hailed by prominent journalists and politicians from both parties. In addition, Goddard's essays on politics and public policy have appeared in dozens of newspapers across the country.

Goddard earned degrees from Vassar College and Harvard University. He lives in New York with his wife and three sons.

Goddard is the owner of Goddard Media LLC.

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