Trump could target three Fed governors. Removing them may be harder than it looks

U.S. President Donald Trump points towards Federal Reserve Chair Jerome Powell holding a document during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, D.C., U.S., July 24, 2025. Kent Nishimura | ReutersPresident Donald Trump has new ammunition he can use in his campaign against his perceived opponents at the Federal Reserve, although a watchdog report released Wednesday found no basis for criminal charges stemming from the Fed's costly headquarters renovations.Combined with separate disputes involving governors Lisa Cook and Michael Barr, Trump's decision to pin the headquarters spending issues on former Chair Jerome Powell means the president could potentially seek the removal of as many as three of the Fed's seven board members. But recent court rulings suggest any attempt would face significant legal hurdles. Any legal maneuvers could take months to play out and may in practice have the effect of persuading his targets to postpone any plans to leave the Fed, as Powell has already done. Trump's ability to force the Fed off its recent decision to raise interest rates appears limited, despite the institutional damage he coul...