Trump fires two board members from credit union regulator, raising fears about the Fed's independence
"President Trump fired the two Democrats on the three-member board of the National Credit Union Administration, which regulates the nation's credit unions."
"These latest firings, on the heels of similar dismissals at other agencies believed to be independent, is sparking concern that the Federal Reserve's independence is under threat — a matter of enormous consequence to the stability of financial markets."
"Current Fed chair Jerome Powell's term expires in May 2026. He was appointed by Trump and is a Republican himself. 'Powell's termination cannot come fast enough!' Trump wrote this morning on [Truth Social](https://link.axios.com/click/39469162.484767/aHR0cHM6Ly93d3cuYXhpb3MuY29tLzIwMjUvMDQvMTcvdHJ1bXAtcG93ZWxsLWZlZC1yZXNlcnZlLXRhcmlmZnMtaW5mbGF0aW9uP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zbWFya2V0cyZzdHJlYW09YnVzaW5lc3M/63b386b876b03c4c1c035e2aBa61c9b64), complaining about the Fed's reluctance to lower rates." "...replacing Powell is something "we think about...all the time," Treasury Secretary Scott Bessent told [Bloomberg](https://link.axios.com/click/39469162.484767/aHR0cHM6Ly93d3cud3NqLmNvbS9saXZlY292ZXJhZ2Uvc3RvY2stbWFya2V0LXRydW1wLXRhcmlmZnMtdHJhZGUtd2FyLTA0LTE1LTI1L2NhcmQvYmVzc2VudC10aGlua3MtYWJvdXQtbmV4dC1mZWRlcmFsLXJlc2VydmUtY2hhaXItYWxsLXRoZS10aW1lLS1tck85emU1T29iWUpoRmNOdXU0cD91dG1fc291cmNlPW5ld3NsZXR0ZXImdXRtX21lZGl1bT1lbWFpbCZ1dG1fY2FtcGFpZ249bmV3c2xldHRlcl9heGlvc21hcmtldHMmc3RyZWFtPWJ1c2luZXNz/63b386b876b03c4c1c035e2aB05cc9e71) on Monday, noting that interviews with candidates to replace Powell will begin as soon as this fall."
"The President appears to be moving closer to justifying removal of Democrats on the Federal Reserve Board," per a note from TD Cowen Wednesday afternoon."
"President Trump is the chief executive of the executive branch and reserves the right to fire anyone he wants," White House press secretary Karoline Leavitt said in an emailed statement.
[https://www.axios.com/2025/04/16/trump-fire-credit-union-regulator-fear-fed-independence](https://www.axios.com/2025/04/16/trump-fire-credit-union-regulator-fear-fed-independence)
[https://www.reuters.com/world/us/trump-says-fed-chair-powells-termination-cant-come-fast-enough-2025-04-17/](https://www.reuters.com/world/us/trump-says-fed-chair-powells-termination-cant-come-fast-enough-2025-04-17/)
