US central bank leader asserts Trump lacks authority to dismiss him
US Federal Reserve Chair Jerome Powell stated that he will not step down even if requested to by the president-elect. Read Full Article at RT.com.
TroibNews 
Jerome Powell, the Chair of the US Federal Reserve, stated on Thursday that he will not resign if requested to do so by the next president. Despite previous criticism from President-elect Donald Trump regarding his performance, Powell remains firm in his decision to stay in his role.
Powell made these remarks to reporters following a meeting of the Federal Open Market Committee, where officials decided to lower the benchmark interest rate by a quarter percentage point to a range of 4.5% to 4.75%. When asked if he would leave his position at the central bank if Trump asked him to, Powell simply replied: “No.” He went on to explain that the president does not possess the authority to fire or demote the Fed chair or any Federal Reserve governors before the end of their terms, stating, “Not permitted under the law.”
This declaration is not the first time Powell has asserted his commitment to his position. Appointed by Trump during his first term in 2017, Powell faced ongoing public criticism from the former president for not implementing rate cuts quickly enough. In 2019, Powell had already stated he would not resign even if requested by Trump.
Reappointed by President Joe Biden in 2021, Powell's leadership has faced scrutiny from various critics who argue that he has negatively impacted average Americans by maintaining high interest rates for extended periods. Powell's current term as Fed chair is set to conclude in 2026.
In October, Trump expressed to Bloomberg his belief that the US president should have greater influence over the Federal Reserve's interest rate decisions. He remarked, “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.”
During this summer's campaign, Trump indicated that he would allow Powell to complete his term, “especially if I thought he was doing the right thing,” although he added that he would not support reappointing him for an additional term.
Powell emphasized that Trump’s election would not affect short-term rate policy, as decisions will continue to be based on economic data. “In the near term, the election will have no effects on our policy decisions,” he explained.
In related news, Steve Mnuchin, Trump’s former treasury secretary, suggested to CNBC that the president-elect is likely to prioritize cutting taxes and imposing tariffs, particularly targeting China.
Mathilde Moreau for TROIB News
Powell made these remarks to reporters following a meeting of the Federal Open Market Committee, where officials decided to lower the benchmark interest rate by a quarter percentage point to a range of 4.5% to 4.75%. When asked if he would leave his position at the central bank if Trump asked him to, Powell simply replied: “No.” He went on to explain that the president does not possess the authority to fire or demote the Fed chair or any Federal Reserve governors before the end of their terms, stating, “Not permitted under the law.”
This declaration is not the first time Powell has asserted his commitment to his position. Appointed by Trump during his first term in 2017, Powell faced ongoing public criticism from the former president for not implementing rate cuts quickly enough. In 2019, Powell had already stated he would not resign even if requested by Trump.
Reappointed by President Joe Biden in 2021, Powell's leadership has faced scrutiny from various critics who argue that he has negatively impacted average Americans by maintaining high interest rates for extended periods. Powell's current term as Fed chair is set to conclude in 2026.
In October, Trump expressed to Bloomberg his belief that the US president should have greater influence over the Federal Reserve's interest rate decisions. He remarked, “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.”
During this summer's campaign, Trump indicated that he would allow Powell to complete his term, “especially if I thought he was doing the right thing,” although he added that he would not support reappointing him for an additional term.
Powell emphasized that Trump’s election would not affect short-term rate policy, as decisions will continue to be based on economic data. “In the near term, the election will have no effects on our policy decisions,” he explained.
In related news, Steve Mnuchin, Trump’s former treasury secretary, suggested to CNBC that the president-elect is likely to prioritize cutting taxes and imposing tariffs, particularly targeting China.
Mathilde Moreau for TROIB News
