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Make no mistake, this is a dress rehearsal for firing Powell. Trump is testing what he can do with the "for cause" language. If the Supreme Court is deferential, and willing to accept a broad definition of "for cause" and defer to the president to determine exactly what "cause" is sufficient to justify firing a Fed governor, you can 100% assume that firing Powell for "cause" relating to his remodel of the Fed buildings. In addition, if this firing sticks, Trump will end up with 4 of 7 Board of Governors appointees.
If this firing sticks there is no need to fire Powell, he'll likely not be reappointed next May.
His term as Fed Chair ends in May 2026. He'll still be a voting governor when his chairmanship ends.
Yes, but if this firing sticks and another fed governor is appointed, the administration will have a majority (4/7) to oust Powell next term.