Fed Chair says he won't resign if Trump asks him to

[BumRushDaShow]

Source: NBC News

Nov. 7, 2024, 3:27 PM EST / Updated Nov. 7, 2024, 4:16 PM EST


Fed Chair Jay Powell said Thursday that he would not resign if president-elect Donald Trump asked him to. Asked whether he would step down amid chatter that Trump's advisors had suggested he do so, Powell replied, "No."

Trump himself nominated Powell as Federal Reserve chairman in 2017 in his first administration. Powell also said that he was not legally required to leave if asked to do so, and that his staff had determined that the president lacked the capacity under the law to demote, at will, himself or any other Fed governors.

Powell's term is slated to end in May 2026. Powell made the comments during his regularly scheduled remarks following the release of the Federal Open Market Committee's latest statement on interest rate policy. The committee announced a quarter-point cut, a widely expected move.

Representatives for Trump did not immediately respond to a request for comment. Powell's comments will likely be seen as a bid to maintain the Fed's longstanding independence from outside political influence, though whether such immunity actually exists in practice has sometimes been debated.

Read more: https://www.nbcnews.com/business/economy/fed-chair-says-wouldnt-resign-trump-asked-rcna179208

[JohnSJ]

1. Good

[FSogol]

2. Well, the press is already at it. They're trying to get Trumpy to

attack the Federal Reserve.

[Marthe48]

12. Of course they are

the media will offer to drop the blade on their own necks if they think they'll sell a subscription.

[Dangling0826]

3. Trump will just Fire Him the way I wish Biden had done with Dejoy

[BumRushDaShow]

4. The Postal Board has to "fire" the Postmaster

The President doesn't have that authority.

[Dangling0826]

5. President can fire him with due cause

Even if he can't do you think that is going to stop Trump? I just wish the Dems would stop playing by different set of rules

[BumRushDaShow]

7. No.

That (fire for "due cause" ) might apply to some other "termed" positions like the FBI Director (which is a 10-year term), but NOT the USPS Postmaster.

Good article describing this - https://slate.com/news-and-politics/2021/02/biden-cannot-fire-usps-louis-dejoy.html

[Dangling0826]

9. I am sorry you are wrong

[BumRushDaShow]

11. Yes you are "sorry" and also wrong

Here is a link to THE LAW - H.R.17070 - Postal Reorganization Act

Go read it and get back to me. The position is NOT Senate-confirmed and is only someone "recommended by" the President. But that individual is CONFIRMED by the Postal Board, and is thus NOT subject to the President's further action. This was done INTENTIONALLY.

ETA - Do NOT confuse the "Postmaster General" with the individual "Postal Governors" on the Board, the latter of which ARE nominated by the President, confirmed by the Senate, and can be "removed for cause". The "Postmaster General" is NOT one of those "Governor" positions.

[Dangling0826]

13. I have a family member that high up in post office!

I was told by them directly the normal process is for the board to vote to remove him but if the general screws up big enough the president can fire him.


BTW no need to make this personal

[BumRushDaShow]

14. You STILL haven't read the law

I worked for the federal government for over 30 years before retiring.

Laws matter.

Biden can fire one of the "Board of Governors" members "for cause" as that person is nominated by the President and confirmed by the Senate.

But the Postmaster General is NOT a "Senate-confirmed" position and was purposely isolated from the whims of the President, the law instead putting the onus ON THE BOARD OF GOVERNORS to do the "firing", since THEY were the ones who VOTED (and approved) to make that person the Postermaster.

[DetroitLegalBeagle]

28. No, you are wrong

The Postmaster General can only be removed by the board of governors. The President doesn't nominate the postmaster General, the board chooses. The President nominates members of the board and can remove them.

[muriel_volestrangler]

17. The odd thing is you seem to be saying that Powell may as well give in before any confrontation

He is saying the rules allow him to stay. By saying "oh well, Trump will just fire him anyway", you're being more defeatist than Powell.

[kelly1mm]

26. The majority of Postal Board of Governors have been President Biden appointees for over a year.

Dejoy was not removed because the President did not want him removed.

[BumRushDaShow]

30. The appointees MUST represent *both* parties (and/or Independents)

regardless of who is President, and there can be no more than 5 of one party on the Board. So Biden had to appoint (R)s as well as (D)s.

There are still 2 pending replacements awaiting confirmation (including (D) Val Demmings) - https://news.usps.com/2024/08/12/demings-zollars-nominated-for-usps-board-of-governors-seats/

Schumer has been prioritizing judicial confirmations and that will obviously be the highest focus now before the end of this session of Congress.

[Jit423]

6. I don't believe the Fed Chair can be fired?

Tell me if I am wrong. And just think what that would do the markets that Trump is intending to take credit for.

[Dangling0826]

8. Who is going stop him the Supreme Court? LOL!!

[orangecrush]

20. Welcome to DU

I don't share your amusement.

[Dangling0826]

24. amusement?

[BumRushDaShow]

10. He can't.

I saw this article and cracked up - Trump is likely to allow Fed chair to stay. Powell said he can’t be fired anyway

[tinymontgomery]

15. Trump will just have him arrested. n/t

[Trueblue1968]

22. Arrested for what. You are wrong.

[tinymontgomery]

23. If trump fires him and he doesn't leave

then I can almost/maybe guarantee you he will send some law enforcement after him. He tear gassed protesters so he could
walk across the street to show off a bible, what makes you think he wouldn't send his goons in to go after Powell.

[Trueblue1968]

25. What dont you understand ????? DonOLD can Not Fire Him. Read All the notes above citing law.

[tinymontgomery]

29. Do you really think he will follow the law

How many laws did he and his clan break while they were in the White House and no one stopped him. We shall see.

[LetMyPeopleVote]

16. This makes me smile

Link to tweet

[louis-t]

18. I hope he stays away from windows in tall buildings.

[RainCaster]

19. TSF will get rid of him- one way or another

He could order him shot and as an "official duty", that would be acceptable to the SCOTUS. If TSF wants to crash the economy, let him. That's what it will take to get all those ignorant Faux News watching Republicans to realize that their Orange Jesus is a hack.

[Martin68]

21. Resistance. The rule of law. It's all we have left. But the system is powerful when deployed successfully.

[obnoxiousdrunk]

27. Trump gets to

replace him in a year and a half.