White House Explored Legality of Demoting Fed Chairman Powell - Bloomberg

(Updated - June 18, 2019 11:29 AM EDT)

The White House explored the legality of demoting Fed Chairman Jerome Powell in February, according to Bloomberg, citing people familiar with the matter.

The White House general counsel's office weighed the legal implications of stripping Powell of his chairmanship and leaving him as a Fed governor, the report said. Trump's team came to a conclusion that has remained closely held within the White House.

It isn't clear if Trump directed the review.

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