The Federal Reserve Chair Jerome Powell’s tenure ends in May 2026, and President-elect Donald Trump has stated that he will not attempt to replace him.
When asked if he intends to shorten the central bank chief’s term, Trump responded, “I don’t,” in an exclusive interview with Meet the Press moderator Kristen Welker.
Jerome Powell, the chairman of the Federal Reserve, stated that he would not resign from his position even if you asked him to. Will you attempt to take Jerome Powell’s place? During the interview in Trump Tower in New York City, Welker posed the question.
No, I don’t believe that. Trump said, “I don’t see it.” However, I doubt that he would if I instructed him to. But he probably wouldn’t if I asked him to. But he would if I ordered him to.
Welker inquired further, You don’t currently have any plans to do that?
“No,” Trump answered, “I don’t.”
In February 2018, Powell, a Republican and former private equity businessman, was named chairman of the Federal Reserve System’s Board of Governors by Trump. Shortly after, Trump discussed firing him during a debate over interest rates.
Throughout Trump’s first term, the two had multiple run-ins, with Trump often threatening to terminate him. Powell was reappointed to a second four-year term by President Joe Biden in 2022.
Powell has responded sharply to recent inquiries about whether he would resign from his position early to give Trump more time to select a successor. Additionally, he has stated that he doesn’t think Trump can fire him. Powell stated at a news conference following the election that it was not allowed by law.
As Trump takes office again, everyone will be watching his relationship with Powell. During his first term, Trump attacked Powell, saying he was not easing monetary policy fast enough.
At the beginning of the epidemic in March 2020, Trump sacked Powell once more, telling reporters that he had the authority to do so and denouncing what he claimed were numerous poor choices.
Trump has recently maintained that the president ought to have the authority to influence the Fed’s interest rate choices.
In an October interview with Bloomberg News at the Economic Club of Chicago, 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.”
“You come into the office once a month and you say, Let’s flip a coin, and everyone talks about you like you’re a god,” Trump remarked of Powell’s position.
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