Why Jerome Powell

TL;DR

President Trump has threatened to fire Federal Reserve Chair Jerome Powell, whose term as chair ends May 15.
Legal experts believe firing Powell without cause would be unlawful, according to the Federal Reserve Act of 1913.
Powell's term as Fed governor runs through January 2028, allowing him to remain on the board after his chair term ends.
A potential obstacle to replacing Powell is the delayed confirmation of Kevin Warsh, with one senator withholding votes until a Justice Department investigation is dropped.
Attempting to fire Powell could lead to legal battles, potentially involving Powell suing to retain his position as chair pro tem.
Financial markets are expected to react negatively to any attempt by the president to fire Powell, valuing the Fed's independence.
The Supreme Court is expected to rule by late June on cases concerning a president's authority to remove leaders of independent federal agencies, including a case involving Fed governor Lisa Cook, which could impact Powell's situation.

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