President Donald Trump denied reports he was planning to fire Jerome Powell. Can he even do that legally? Who nominated the Fed chair? What to know.

The president may try to terminate the Fed chair’s tenure early. But whether Trump has the ability to do so isn’t clear.

Washington — President Trump on Tuesday asked a group of House Republicans if he should fire Federal Reserve Chair Jerome Powell — and people in the room voiced approval. Several sources said Mr. Trump indicated he will do it. Mr. Trump on Wednesday confirmed to reporters in the Oval Office that he spoke to lawmakers about ousting Powell.