Amidst controversies surrounding President Donald Trump’s threat to fire Fed Chair Jerome Powell, crypto entrepreneur Anthony Pompliano has cautioned against the move. Pompliano warned that the move could set a dangerous precedent, especially in light of the underlying motives.
Despite having his own criticisms of the Federal Reserve, Pompliano disagreed with Trump’s approach. He argued that retaliatory actions wouldn’t be a suitable response to the Fed’s perceived shortcomings. “The idea of firing the Fed chairman is a very bad precedent to set this way,” stated the entrepreneur.
Anthony Pompliano Slams Trump’s Threat to Oust Fed Chair Powell
In a recent video, crypto entrepreneur Anthony Pompliano expressed disagreements with US President Donald Trump’s recent threat to remove Federal Reserve Head Jerome Powell from his position. Questioning Trump’s motives, Pompliano stated, “I do not believe that the President of the United States should come in and unilaterally fire the Fed President.”
Further, Pompliano added that firing someone from a leading position due to some disagreements isn’t a good idea. According to the crypto entrepreneur, such a move could lead to unhealthy consequences.
A Nuanced View: Anthony Pompliano Criticizes Trump, But Disagrees With Fed
It is noteworthy that Anthony Pompliano’s critique of Trump’s statement comes despite the former’s disagreement with the Fed. The entrepreneur posited that Fed’s mistakes don’t justify Trump’s proposed actions. He added, “I still think that just because somebody else is doing something wrong doesn’t mean that you should do something wrong.”
Interestingly, Pompliano’s comments come in response to Donald Trump’s recent Truth social post, in which he urged Powell to cut interest rates. While questioning Powell’s “late” actions, Trump stated, “Powell’s termination cannot come fast enough!”.
Fed Is Not Truly Independent, Says Pompliano
Significantly, Anthony Pompliano’s discontent with the Federal Reserve arises from the alleged fact that the central bank is “highly politicized.” The entrepreneur agrees with the Fed critics who claim that the bank isn’t fully independent even though it is meant to be.
Trump Faces Growing Criticism
In response to Trump’s threat, influential figures including Anthony Pompliano raised concerns. Another prominent personality who expressed strong objection to Trump’s potential moves is US Senator Elizabeth Warren.
Senator Warren warned that Trump’s move could erode investor trust in US capital markets, potentially leading to a financial crisis. She cited, “A big part of our economy strong, and a big part of the world economy strong, is the idea that the big pieces move independently of politics.”
Despite the increased discussions and controversies, Polymarket shows there’s only a 19% chance of Trump ousting Powell.
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