As President-elect Donald Trump prepares for his second term in office, speculation is growing that one of his first actions will be to dismiss FBI Director Christopher Wray, creating a new vacancy at the agency. This would mark a rare instance of a president firing two FBI directors, as Trump previously let go of James Comey during his first term.

Wray, a Republican, was appointed by Trump in 2017 to a 10-year term, a post designed to shield FBI directors from political pressure following the Watergate scandal. However, Trump’s tenure has repeatedly shown that political concerns often influence such decisions. If Trump moves forward with firing Wray, he will become the first president in history to dismiss two FBI directors.

The situation has drawn comparisons to previous firings. In 1993, President Bill Clinton dismissed FBI Director William Sessions following a report questioning his ethics. Similarly, President Jimmy Carter faced questions about firing FBI Director Clarence Kelley during his campaign in 1976, but ultimately Kelley resigned. The 10-year term for FBI directors was meant to ensure independence, yet Trump’s track record suggests such safeguards have not been effective.

Trump’s decision to fire Comey in 2017 was officially tied to his handling of the investigation into Hillary Clinton’s emails, but many believe the real reason was Comey’s involvement in the Russia investigation. The fallout from Comey’s firing led to the appointment of Special Counsel Robert Mueller, a former FBI director, to continue the probe into potential Russian interference in the 2016 election. Trump’s disdain for the investigation and its impact on his administration led him to label it a “deep state” conspiracy.

While the Mueller report ultimately did not find evidence of collusion between Trump’s campaign and Russia, it did not exonerate him on other matters. The report’s findings, along with related controversies such as the release of anti-Trump texts from FBI agents, further fueled Trump’s animosity toward the FBI.

Trump’s discontent with Wray has grown in recent years, particularly over what he perceives as Wray’s lack of loyalty. Despite being confirmed by the Senate in 2017, Wray’s independence from the White House—an aspect of his confirmation testimony—has led to tensions with Trump, who values loyalty above all.

Trump’s decision to fire Wray, if it happens, would fit into a broader pattern of bringing key institutions under his control. While earlier presidents worked to distance the Department of Justice and the FBI from political influence, Trump appears to be seeking to bring them closer to the White House’s orbit.

British pension savers stand to benefit from the election victory of Donald Trump, as his pro-business policies drive a surge in stock markets, particularly in the United States. Andrew Evans, group CEO of Smart Pension, a leading UK retirement services provider, emphasized the positive impact on UK pension funds with investments in US assets.

Evans explained, “American markets have been incredibly bullish since Trump’s victory, benefiting UK pension savers with funds tied to US assets, whether they realize it or not.”

Smart Pension, which manages the retirement savings of 1.4 million people, has 52% of its main fund invested in the US. Following Trump’s election, the S&P 500 index surged by 5% to a record high of 6,001.35 points. Although the index has since dipped slightly to 5,863.69 points, it remains 2.6% higher than its pre-election level and up 12.8% since August. The Nasdaq Composite Index also reached record highs and is still up by 2.6% from November 4.

Despite concerns over Trump’s trade policies, which some economists warn could disrupt global markets and fuel inflation, investors remain optimistic about his corporate tax cuts and pro-growth agenda. Evans pointed out that, “Trump’s policies promoting American growth and company assets will benefit global pension funds.”

Meanwhile, in the UK, Chancellor Rachel Reeves has proposed a major overhaul of workplace pensions, including the creation of “megafunds” by pooling smaller pension pots into larger funds worth £80 billion. These larger funds are expected to allow for a broader range of investments, driving growth and potentially improving returns for savers.

Evans expressed support for the initiative, which aligns with Smart Pension’s goal of transforming the retirement savings landscape. The company currently allocates 6% of its master fund to private markets and plans to increase this investment. He welcomed the reform, noting its potential to benefit pension savers in the long term.

However, Evans also called for additional government incentives to stimulate domestic growth, particularly in light of Chancellor Reeves’ £41.5 billion in tax hikes outlined in the recent Budget. “Promoting growth while imposing significant tax increases is a challenging balance. Additional structural measures are needed to support investment in the UK,” he said.

The combination of rising US markets and UK pension reforms could present new opportunities for British pension savers, with the potential for stronger growth in their retirement funds.