Trump may fire which Powell?

1. Powell holds three positions 1. Chair of the Federal Reserve - His term expires on May 23, 2026, and this position is appointed by the U.S. President. 2. Chair of the FOMC - The FOMC is responsible for setting interest rates, and the chair is voted on by the 12 voting members annually. 3. Federal Reserve Governor - His term expires on January 31, 2028, and he has permanent voting rights on interest rate decisions. Can Trump fire Powell? 1. It is currently unclear whether Trump has the authority to do so. The Chair of the Federal Reserve can only be removed with "just cause." How could Trump fire Powell? 1. Dismissal from the position of Chair of the Federal Reserve - Powell could continue as a Federal Reserve Governor and vote on interest rate decisions. Trump can only nominate one of the six current Governors to serve as Chair. Even if Trump nominates an ally as Chair, it may not guarantee a rate cut as it requires a majority vote. 2. Dismissal from the position of FOMC Chair - Trump cannot directly control who becomes the FOMC Chair, as it is elected by the 12 voting members annually. As long as Powell remains a Federal Reserve Governor, he could still potentially be elected as FOMC Chair. 3. Dismissal from the position of Federal Reserve Governor - This action would have the greatest impact. If Powell is removed as a Governor, it would create a vacancy for a Governor and Chair position to be filled by someone of Trump's choosing. Additionally, it would open the door for Trump to dismiss other "uncooperative" Governors.