President TrumpDonald John TrumpBipartisan lawmakers urge Air Force secretary for top Defense position Austin couple places baby Jesus in ‘ICE cage’ to protest Trump immigration policies Female White House correspondent: ‘I’ve never seen as many moms’ in briefing room as during Trump presidency MORE has weighed dismissing Treasury Secretary Steven MnuchinSteven Terner MnuchinMnuchin tries to assure markets after shutdown roils Washington Mnuchin: Trump believes he does not have the power to fire Fed chief Speak up for human rights in debate over Saudi relations MORE, a source familiar with the president’s thinking told Bloomberg News.
Another source told Bloomberg said that Mnuchin’s future at the helm of the Treasury Department depends on whether the market continues to drop.
Trump’s unhappiness with his treasury chief was reported the day after Mnuchin released a statement seeking to reassure financial markets as stocks continued to plunge. Mnuchin’s statement came following reports that Trump was considering firing Federal Reserve Chairman Jerome Powell.
Trump has reportedly asked if some of his advisers could meet with Powell, which would undermine Mnuchin’s authority, according to Bloomberg. Mnuchin meets with Powell every week and the Treasury chief is typically tasked with relaying the White House’s views.
“There are plenty of people inside the White House who are not fans of Mnuchin who are happy to throw him under the bus,” Stephen Myrow, a former Treasury official and managing partner at Beacon Policy Advisors in Washington, D.C., told Bloomberg. “Up ’til now, he’s been protected by the fact that Trump liked him and he’s been a loyalist.”
The president in recent days has intensified his attacks on Powell and the Federal Reserve, on Monday tweeting “the only problem our economy has is the Fed.”
The feud between Trump and the Federal Reserve has alarmed investors and Republican lawmakers.
The Dow Jones Industrial Average dropped 653 points on Monday, the worst Christmas Eve day stock performance in history.
Trump has been attacking the Federal Reserve for raising interest rates last week.
The benchmark S&P was down 2.7 percent by the end of the day on Monday, reaching its lowest level in 20 months, Bloomberg reported.
Reports emerged in November that Trump was unhappy with Mnuchin. The Wall Street Journal at the time reported that Trump was taking issue with the way Mnuchin backed Powell.
According to the Journal, Trump blamed Mnuchin for the turbulent stock market. A source familiar with the matter said that the the president asked, “If he’s so good, why is this happening?”
Trump later denied the report, tweeting, “I am extremely happy and proud of the job being done by [Mnuchin]. The FAKE NEWS likes to write stories to the contrary, quoting phony sources or jealous people, but they aren’t true. They never like to ask me for a quote b/c it would kill their story.”
The White House did not immediately respond to The Hill’s request for comment.
Reports that Trump has considered ousting Mnuchin comes as the Trump administration has undergone several significant shakeups over the course of several weeks. Defense Secretary James MattisJames Norman MattisBipartisan lawmakers urge Air Force secretary for top Defense position Defense Department signs executive order to withdraw troops from Syria Bloomberg blasts Trump as ‘recklessly emotional and senselessly chaotic’ MORE last week announced that he is leaving his position over policy disagreements with Trump, and the president earlier this month announced that chief of staff John KellyJohn Francis KellyMORE will be leaving.