Former President Donald Trump could potentially destroy the nation's bank with support from party loyalists in the legislative branch, a former Republican lawmaker has warned.
Former Rep. David Jolly (R-FL) appeared on MSNBC Thursday afternoon to discuss Trump's economic plans for his second term in the White House — and what that could mean for the Federal Reserve.
"This is one of the quiet issues that keeps me up at night," Jolly said. "I am worried that Donald Trump is going to try to crush the independence of the Fed."
Chair Jerome Powell said Thursday, during a press conference to announce a quarter-point decrease in interest rates, that he would not step down if the president-elect requested he do so.
While the law does not give Trump the power to order Powell to step down, Jolly argued he could potentially orchestrate an ouster and pointed to his former chief medical advisor as proof.
"What he's going to do to Powell is what he did to Anthony Fauci," said Jolly. "What does he do? I think he nominates a chair in waiting that sits there for a calendar year and becomes this close economic adviser to Trump to remove Powell."
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Such a move could unsettle the world market and give Trump the scope to wrestle away control, Jolly argued.
"He does not have the authority to change the Fed unless there is a legislative change, and I don't know what the Senate Republicans will do with this," Jolly said.
The former Republican argued his party has benefitted in the past from sacrificing economic norms and health to claim political power.
"Here is the Republican magic when it comes to the economy, when they are in control they run it white hot with all of the irresponsibility," Jolly said. "[They] crash it and hand it over to the Democrats to rebuild it. Donald Trump knows that."
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