Fed chief won’t quit if Trump asks, cites independence

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Federal Reserve Chairman Jerome Powell firmly stated on Thursday that he would not step down from his position if requested by President-elect Donald Trump. When pressed on the matter, Powell reiterated his stance, emphasizing that he would not be legally obligated to leave his post.

These comments came during a press conference following the Fed’s decision to reduce interest rates by a quarter percentage point. Powell further clarified that the law does not permit the firing or demotion of the Fed chair, underscoring the institution’s independence and political neutrality.

Head of the Fed Jerome Powell is refusing to resign, even if President Trump tells him to

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They will weaponise interest rates to bring Trump's economic agenda to a halt, and blame him for the hangover of Biden/Harris’s inflationpic.twitter.com/EPFA7DSozA pic.twitter.com/Ga8dr5fRwT

— Connor Tomlinson (@Con_Tomlinson) November 7, 2024

Despite Trump appointing Powell in 2018, their relationship has been strained due to Trump’s frequent criticism of Powell’s approach to interest rate adjustments. President Joe Biden later reappointed Powell in 2022.

In a recent interview with Bloomberg News, Trump expressed his belief that he should have the ability to offer input on interest rate decisions, though he acknowledged that he shouldn’t have the power to dictate them. Trump stated, “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.”

Breaking Bombshell!
The Federal Reserve Is Above The Law And Answers to No One According to Fed Chairman Jerome Powell.

Breaking News and Reports Are Here:https://t.co/g0DJogt7xU pic.twitter.com/Z0J0SXpMwT

— Alex Jones (@RealAlexJones) November 7, 2024

Trump added that while presidential commentary on such matters is acceptable, it doesn’t necessarily mean the Fed must heed that advice. Looking ahead to 2026, when Powell’s current term is set to expire, Trump has already indicated that he would not reappoint him, citing what he perceives as Powell’s consistently tardy decision-making.