President Donald Trump Wednesday said it is “highly unlikely” that he would dismiss Federal Reserve Chair Jerome Powell, although he confirmed that the high-stakes move was discussed in a private meeting with Republican lawmakers on Tuesday evening.
“We’re not planning on doing it,” Trump said Wednesday at the White House.
“I don’t rule out anything,” the president said, “but I think it’s highly unlikely, unless he has to leave for fraud.”
In an Oval Office meeting Tuesday evening, about a dozen GOP legislators discussed the “concept” of dismissing Powell, who has been criticized by the Trump aides for his refusal to lower interest rates.
“Almost every one of them said I should,” Trump said of the discussions.
“The President asked lawmakers how they felt about firing the Fed Chair. They expressed approval for firing him. The President indicated he likely will soon,” an official, speaking on the condition of anonymity, said, according to an ABC channel report.
The Republican lawmakers were at the White House to discuss crypto regulation bills pending in the House.
Earlier, the New York Times reported that Trump had drafted a letter for firing Powell.
However, an AP report reported, citing a White House official that the letter about removing Powell that Trump waved in the meeting was a “prop drafted by someone else and that the Republican president has not drafted such a letter.”
Powell, who has also been accused by Republicans of mismanaging a $2.5 billion renovation project at the Fed, maintains that his removal is “not permitted under the law.”