Federal Reserve Chairman Jerome Powell said Thursday he would not resign if asked to by President-elect Donald Trump.
“No,” Powell said, answering “no” a second time when asked if he would be legally required to leave.
Powell made the remarks in a press conference to discuss the Fed cutting interest rates by a quarter percentage point.
Later, Powell said firing or demoting the fed chief is “not permitted under the law.” The Fed is an independent and politically agnostic agency.
Trump appointed Powell in 2018 but repeatedly criticized him for not lowering rates fast enough throughout Trump’s term. President Joe Biden brought Powell back in 2022.
Trump said last month that he should have the ability to offer advice on interest rates.
“I don’t think I should be allowed to order it, but I think I have the right to put in comments as to whether the interest rates should go up or down,” Trump said in an interview with Bloomberg News on Oct. 15.
“I think it’s fine for a president to talk,” he said. “It doesn’t mean that they have to listen.”
With Powell’s current term set to end in 2026, Trump said months ago that he would not reappoint him.
“I would not reappoint him. I thought he was always late, whether it was good or bad, but he was always late,” Trump said in August.
Mark Swanson ✉
Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.
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