Rep. Buddy Carter introduced the TOO LATE Act, aimed at granting President Trump the authority to dismiss Federal Reserve Chairman Jerome Powell. The bill allows for firing Powell if the federal funds target rate deviates by over 200 basis points from the average for two consecutive quarters. Carter criticized Powell's management, stating that his inaction has negatively impacted Americans. While Trump has criticized Powell, he has previously mentioned not wanting to create disruption by firing him, demonstrating conflicting sentiments about Powell's performance.
Rep. Buddy Carter's bill, the TOO LATE Act, would allow President Trump to fire Fed Chairman Jerome Powell if the federal funds target rate deviates from average by over 200 basis points for two quarters.
Carter asserted that Powell's failure to adjust rates has harmed Americans, emphasizing that his legislation aims to ensure accountability from the Federal Reserve.
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