According to TIMIRAOS, in a Sunday evening speech former Fed chair Powell, now a Fed governor, warned that if any administration removed Fed officials solely for policy disagreements, the Federal Reserve could not survive. He stressed legal protections against arbitrary dismissal and noted the executive branch has no role in selecting or supervising the 12 Reserve Bank presidents, who vote with the Board on interest rates. Powell said such a precedent would be copied by future administrations an

According to TIMIRAOS, in a Sunday evening speech former Fed chair Powell, now a Fed governor, warned that if any administration removed Fed officials solely for policy disagreements, the Federal Reserve could not survive. He stressed legal protections against arbitrary dismissal and noted the executive branch has no role in selecting or supervising the 12 Reserve Bank presidents, who vote with the Board on interest rates. Powell said such a precedent would be copied by future administrations and called the Fed’s decades-old credibility an "invaluable asset" that officials must defend.