Federal Reserve Chair Jerome Powell’s decision to stay on the central bank’s board as a governor once his term as chair expires on May 15 is a great example of how President Donald Trump’s authoritarian pressure tactics can backfire.
Although Powell’s term as chair is ending, his tenure as one of the seven governors on the board doesn’t expire until 2028. Typically, Fed chairs step down from the board altogether after their term as chair ends — the The Wall Street Journal notes that “every chair for the past 75 years has left the central bank at the end of his or her leadership term.”
Powell said that he had expected to follow that tradition, but that he’s breaking the norm because of the Justice Department’s bogus criminal investigation of him, meant to press him to lower interest rates.
“I’m literally staying because of the actions that have been taken,” Powell said at a news conference Wednesday when he was asked whether his decision would be seen as a political act. “I have long planned to be retiring.”
Read Zeeshan Aleem’s analysis here.
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Do you approve of the way the Supreme Court is doing its job?
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Polls show approval ratings for the Supreme Court remain near three-decade lows after a series of ethics scandals and controversial opinions. This week’s decision to gut Section 2 of the Voting Rights Act may also hurt the court’s standing.
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Here are some more highlights of the president’s actions over the past seven days:
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- Argued the term “86” is “a mob term” for killing in defense of the indictment of former FBI Director James Comey for a social media post
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- Approved payments that brought to a total of nearly $2 billion spent to persuade companies to cancel multiple wind power projects
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- Posted on the official White House X account a photo of himself and King Charles III with the caption “TWO KINGS” and a crown emoji
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- Endorsed the idea of adding “national” to Immigration and Customs Enforcement, so its acronym would be “NICE”
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The news can feel overwhelming. But each week, we pause to highlight a person, organization or movement sticking up for their principles or their fellow Americans. This week’s challenger is King Charles III.
On the eve of the Declaration of Independence’s 250th anniversary, the king visited the United States and gave a speech to Congress in which he noted the American system of checks and balances has its roots in British history. The moment, which drew a standing ovation, was one of several that royal observers said were likely intended to be subtle rebuttals to Trump, including defenses of the environment, the NATO alliance, diversity and the special relationship between the U.S. and Great Britain. As one online wag joked, the Founding Fathers would be confounded by the fact that both the pope and the king have lectured the president over America’s revolutionary values this year. The world has turned upside down, indeed.
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Popular Information is a daily news site written by progressive journalist Judd Legum that, among other things, regularly tracks Trump and his family’s business dealings. This week, it reported that since Trump was sworn in, he has used the presidency to promote those businesses 110 times, everything from Trump-branded fragrances to crypto through posts on Truth Social, public engagements and even events at his properties. (Mapping all businesses can feel like a Claire Danes’ board from “Homeland,” but the Wall Street Journal did it.) The administration has denied any conflicts of interest. “I think everybody, the American public, believe it’s absurd for anyone to insinuate that this president is profiting off of the presidency,” White House Press Secretary Karoline Leavitt said nearly a year ago. “This president was incredibly successful before giving it all up to serve our country publicly.” In January, The New Yorker calculated that Trump and his family had made over $4 billion since returning to office. There have only been more deals since then.
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— Stephanie Ruhle, host of “The 11th Hour”
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Sign up for The Tea, Morning Joe’s signature afternoon digest. Get Joe Scarborough’s takes on the day’s headlines, conversations with Morning Joe’s roster of lawmakers, reporters, strategists, authors and, for the first time, a direct line to all of them to ask your questions and leave your comments. Subscribe at ms.now/morningjoenewsletter.
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