To hear the pundits tell it, we’re on the verge of a crisis over at the Federal Reserve. According to the doomsayers, President-elect Trump isof its independence, determined to bring Chairman Jay Powell to heel. But this narrative—fueled by decades-old anxieties about politics and central banking—misses a key point: Donald Trump likes to talk, especially when it comes to interest rates, but he isn’t about to dismantle the Fed’s autonomy.
There are allies of Trump who think this advice was too cautious. They argue that the Fed performs executive functions that, ultimately, have to be exercised under the discretion of the president. A Fed chairman who has lost the confidence of the President of the United States would be removable under the Constitution. And the Supreme Court’s recent precedents likely mean that. But even these allies acknowledge that this would require a decision from the Supreme Court.
. They forecast Trump doing destructive things because they cannot get around the imaginary demon Trump of their imaginations.. When Sen. Mike Lee advocates abolishing the Fed, he moves the political discussion in a way that puts Trump’s policy of critiquing the Fed in the center rather than the fringe of the political discussion.
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