Rep. Earl L. “Buddy” Carter (R-GA) has introduced the Timely Oversight of Operations, Liquidity, Accountability, Targeting, and Effectiveness (TOO LATE) Act in the U.S. House of Representatives. The proposed legislation would give the president explicit authority to remove the Chair of the Federal Reserve.
Under current law, the president can only dismiss the Federal Reserve Chair “for cause,” which is often interpreted by legal scholars as grounds such as malfeasance, neglect of duty, or inefficiency. Carter’s bill seeks to clarify and expand these conditions so that a president could remove the Fed Chair for broader reasons.
“Federal Reserve Chair Jerome Powell needs to go, and the President should have the power to make that decision without question. Powell has been too late to cut rates, and it is directly harming the American people. With this bill, we will restore proper oversight of the Federal Reserve and give the president another tool in his tool chest to strengthen and grow the economy,” said Rep. Carter.
Rep. Carter has a history of electoral success in Georgia’s 1st district; he won reelection in 2024 against Patti Hewitt with 62% of the vote compared to Hewitt’s 38%. He also secured victories over Wade Herring in 2022 with 59.15%, Joyce Griggs in 2020 with 58.35%, Lisa Ring in 2018 with 57.8%, and Brian Reese in 2014 with 60.9%.
The full text of Carter’s bill is available online.
