Jerome Powell: “The authority to shut down an institution or hold a hearing about it I believe is triggered by a criminal conviction.”

If we move too quickly, then we may leave the inflation job unfinished and have to come back later and finish it.

The public would lose faith that the central bank will make decisions based only on what’s best for all Americans.

We may approach that point in coming months

If any administration finds a way to remove Fed officials over policy differences, then future administrations will do so as well.