Fed Chair says he won't resign if Trump asks him to [View all]
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
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