Firing Jerome Powell will crash financial markets — Sen. Elizabeth Warren

Warren said the President has no legal authority to fire Powell, but added that she doesn't trust the President to uphold legal tradition.

US Senator Elizabeth Warren warned that if President Donald Trump eventually moves to fire Federal Reserve Chair Jerome Powell, it could undermine investor confidence in the integrity of US capital markets and trigger a financial crash.

During an appearance on CNBC, the Massachusetts Senator said the President does not have the legal authority to remove Powell from his position. Moreover, removing Powell would weaken the financial infrastructure of the US, Warren added:

"If interest rates in the United States are subject to a president who just wants to wave his magic wand, this doesn't distinguish us from any other two-bit dictatorship," Warren continued.

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