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President-elect Trump said in an interview broadcast this past weekend that he does not plan to try to remove Federal Reserve Chairman Jerome Powell from his position before the end of his term leading the central bank.
During an appearance on NBC News’ “Meet the Press,” host Kristen Welker asked Trump if he planned to fire Powell, whom Trump criticized during his first term in office for not lowering interest rates.
“No, I don’t think so,” Trump said. “I don’t see. But I don’t – I think if I told him, he would. But if I asked him, he probably wouldn’t. But if I told him, he would.”
Welker asked the president-elect if he had any plans to do that right now, and Trump replied, “No, I don’t.”
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President-elect Trump said in an interview over the weekend that he would not try to fire Federal Reserve Chairman Jerome Powell. (Michael M. Santiago/Getty Images/File)
Trump criticized Powell and the Fed during his first term in the White House, when he threatened to fire him and called him a “bone.”
He renewed that criticism of Powell during his presidential campaign this year.
“I think he’s a politician. I think he’s going to do something that might help the Democrats, I think, if he lowers interest rates,” Trump said in a February interview on FOX Business Network’s “Mornings with Maria.”
He went on to say that he will not nominate Powell for this role again, “He missed it.” [on inflation]you missed it… i’ll have a few options. I can’t tell you now.”
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President Trump is then shown after announcing Jerome Powell, right, as the nominee for chairman of the Federal Reserve on Nov. 2, 2017. (SAUL LOEB/AFP via Getty Images)
In June, Trump said in an interview that he would not fire Powell if he won the 2024 election and would allow him to finish his term.
“I would let him work, especially if I think he’s doing the right thing,” Trump told Bloomberg News at the time.
Powell’s term as chairman of the Federal Reserve ends in May 2026, and his position on the Fed’s Board of Governors continues until 2028.
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The Chairman of the Fed, Jerome Powell, has said that he will remain in his position if President-elect Trump urges him to resign. (CLAUDIO BRESCIANI/TT News Agency/AFP via Getty Images/File)
Powell appeared at a press conference in November after the Fed’s 25-base interest rate cut on the heels of the election, and was pressed on whether he would resign if Trump called for him to step down.
“No,” Powell replied. A follow-up question asked if Powell thought he would have to step down to respond to such a request, and he again answered with a terse “No.”
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Powell was also asked whether he believes the president has the power to fire or remove him from office and whether the Fed has decided to legalize the removal of other Fed governors from leadership positions.
“It’s not allowed under the law,” Powell said.
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