Powell says he won’t resign for Trump, can’t be fired
by Taylor Giorno - 11/07/24 3:25 PM ET
Federal Reserve Chair Jerome Powell had a clear, direct response when asked during a press conference Thursday if he would step down if asked to do so by President-elect Trump.
“No,” said Powell, whose term as chair ends in 2026.
When asked to elaborate and if he would be legally required to leave, he again said, “No.”
Powell later said it is “not permitted under the law” for the president to fire or demote him or any of the other Fed governors with leadership positions.
Trump appointed Powell during his first term in 2017 but repeatedly and publicly criticized the Fed and its chair for not cutting rates fast enough throughout his tenure.
Powell also said in 2019 that he would not resign if asked by Trump. President Biden reappointed Powell in 2021 — despite objections from progressives who have criticized the chair — saying he has burdened the average American by keeping rates too high for too long.
Trump suggested earlier this year that Powell, a lifelong Republican, was “political” and would cut rates ahead of the 2024 election to help Democrats. While the Fed did cut rates in September by a whopping 50 basis points, Trump handily defeated Vice President Harris this week.
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https://thehill.com/business/4979431-federal-reserve-powell-trump-demand/
