Trump drafted a letter to fire Federal Reserve Chair Powell. Will he do it?

Will President Trump try to fire Federal Reserve Chairman Jerome Powell

Reports indicate he already drafted the termination letter, but now he says he's not going to do it, at least not yet

I don't rule out anything, but I think it's highly unlikely. President Trump met with House Republicans at the White House Tuesday night

where he reportedly showed them a draft letter firing Powell. Congresswoman Anna Paulina Luna, who was at the meeting, posted on X

hearing Jerome Powell is getting fired from a very serious source. The New York Times reported that Trump asked lawmakers whether he should fire Powell

and indicated he likely would. On Wednesday afternoon, he denied the report

I talked about the concept of firing. I said, what do you think? Almost every one of them said I should. But I'm more conservative than they are

The Federal Reserve is independent. The chairman is appointed by the president

and confirmed by the Senate for a four-year term. The chairman and the board are legally mandated

to implement fiscal policy that will lead to maximum employment and stable prices

Chairman Powell said in 2019 that he would not leave if he was fired by Trump

There are questions as to whether the chairman can be fired. Congresswoman Luna says Powell should go It 100 I think that the president has the actual authority to be able to do it I think that he should The president has continuously expressed frustration with Powell for not lowering interest rates

The president said on Tuesday that the Fed should do a 3 percent cut. That would take it from 4.5 percent to 1.5 percent

He's got a very easy job to do. You know what he has to do? Lower interest rates. For now, though, the president said he's not going to attempt to remove Powell

Unless he has to leave fraud. I mean, it's possible there's fraud involved with the $2.5, $2.7 billion renovation

This is a renovation. How do you spend $2.7 billion? And he didn't have proper clearance, etc., etc

The president is referring to the ongoing renovation at the Federal Reserve headquarters

The project was approved in 2017 for $1.9 billion. The costs have since ballooned to more than $2.5 billion

The Federal Reserve said the extra costs were incurred due to increased material costs and unforeseen conditions

including higher than anticipated asbestos levels, toxic soil contamination, and a high water table

Chairman Powell asked for an Inspector General investigation into the cost overruns

I'm Ray Bogan for Straight Arrow News. For more reporting, download the SAN app