Trump Reportedly Sought to Demote Fed Chief Powell

Jun 19, 2019

A news report citing anonymous sources is alleging that President Donald Trump instructed White House lawyers in February to identify whether it was legally possible to remove Jerome Powell from the role of Federal Reserve Chairman while maintaining a seat for him on the central bank’s board of governors.

According to a Bloomberg article that claimed to be sourced from “people familiar with the matter,” the President’s alleged request came after his frustration with the interest rate hikes that occurred after Powell succeeded Janet Yellen at the helm of the Fed. The White House lawyers reported pointed to the difficulties in firing without cause, but raised the possibility of replacing him with a sitting Fed governor. There is no historic precedent of demoting a Fed chairman.

When asked about the Bloomberg report and whether demoting Powell was an option, the president responded, “Well, let’s see what he does.” However, Larry Kudlow, director of the National Economic Council, said this was not under current consideration.

Since appointing Powell, the President has expressed public frustration over his leadership of the Fed, openly questioning the central bank’s rate increases and repeatedly demanding that it cut rates to further animate the economy.

About the author

Phil Hall

Link copied

Published

Jun 19, 2019

Wholesale

Rocket Pro Broadens Refi Pricing Push, Extends 100-BPS Purchase Credit

August Power Play reaches beyond cash-out refinances while pairing near-term pricing incentives with a longer-term broker technology play

Rocket Pro is broadening its refinance incentive and extending its stacked purchase credit for August, giving mortgage brokers another reason to revisit past clients while elevated rates continue to limit origination volume.The wholesale lender’s August Power Play increases ...

Non-QM

Angel Oak Boosts Non-QM, HELOC Purchases 39% In Q2

Executives point to healthy securitization demand and fresh capital for additional loan purchases during the mortgage REIT’s second-quarter earnings call

Angel Oak Mortgage REIT purchased $204 million in newly originated Non-QM mortgages and home equity lines of credit during the second quarter, up approximately 39% from a year earlier but down 17% from the first quarter.The results, combined with two securitizations complete...

Aug

Las Vegas, NV

More from

Regulation and Compliance

Fannie Mae AI Governance Deadline Arrives Aug. 6

Seller/servicers using artificial intelligence in origination or servicing must have formal policies, oversight, and vendor controls in place

Regulation and Compliance

Jul 31, 2026

Condo Review Deadline Puts Lenders On The Clock

Fannie Mae and Freddie Mac will eliminate abbreviated project reviews for condo applications dated on or after Aug. 3

Regulation and Compliance

Jul 24, 2026

TRUE Releases AI Governance Guide Ahead Of Fannie Mae Deadline

Guide focuses on tracing mortgage data from borrower documents through AI validation, human review, and final LOS entry

Regulation and Compliance

Jul 22, 2026

AD Mortgage Warns Condo Eligibility Changes Could Restrict Conventional Financing

Wholesale lender cites internal loan data to urge regulators to monitor whether new condominium eligibility standards reduce access to conventional financing

Regulation and Compliance

Jul 20, 2026

CHLA Says Direct Payments Are Key To Small FHA Loans

The lender group says mortgages below $100,000 routinely lose money, while LO compensation rules could prevent federal incentives from reaching originators

Regulation and Compliance

Jul 17, 2026

Solidifi Clears FHA Certification For UAD 3.6 Integration

The appraisal management company says it is the first to complete certification for FHA’s modernized EAD platform, giving lender clients an early path toward implementation

Regulation and Compliance

Jul 16, 2026

Popular