Federal Reserve Chief Dismisses Idea Of Stepping Down Under Trump
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Jerome Powell, the head of the US central bank, talked about rumors that his job could be in trouble as Donald Trump gets ready to return to power. According to reports, Powell said he would not leave if Trump asked him to, and he said that the law does not let the White House remove him.
Powell’s statement comes after Trump expressed his displeasure with the Fed’s decisions during his first term and even during his campaign for the upcoming election.
Powell’s Term As Fed Chair Ends On May 15, 2026
Trump has said that Powell is “political,” and this summer, he would allow Powell to finish his term, “especially if he thought he was doing the right thing.
However, Trump also believes the president should have more influence over the Fed’s actions. He said during a press event in Florida in August that he feels the president should have at least some say in the matter.
He added that, in his case, he made a lot of money and was very successful, and his instincts are better than those of many people who might be in the Federal Reserve or as chairman.
Trump picked Powell to lead the Fed in 2017, and President Joe Biden re-nominated Powell for another term in November 2021. Powell’s current term as chair of the Fed will end on May 15, 2026.
During a press event on Thursday, Powell did not answer questions about the Nov. 5 election, where Trump defeated Vice President Kamala Harris. He stated that he was not going to discuss political matters that day when asked by CBS News’ Kelly O’Grady.
Powell’s Comments Show He Plans To Stay In His Role And Focus On The Economy
According to Powell, the election will not change the Fed’s decisions in the short term. Instead, the Fed will rely on economic data to make decisions.
It is not clear what new policies or tax changes might come from a second term under Trump. According to Powell, many of Trump’s ideas, like tax cuts, need to be approved by Congress before they can become law.
Powell said the institution does not know the timing or details of any policy changes and does not guess, speculate, or assume.
Powell’s comments are important because they show how he plans to stay in his role no matter what Trump says or does. They also show that the Fed is focused on the economy and making decisions based on facts, not politics.
