Trump says he won’t seek to remove Fed Chair Powell
President-elect Trump in a new interview said he does not plan on attempting to fire Jerome Powell as chair of the Federal Reserve upon taking office next year.
“No, I don’t think so. I don’t see it,” Trump told Kristen Welker on “Meet the Press.”
“I think if I told him to, he would. But if I asked him to, he probably wouldn’t. But if I told him to, he would,” Trump added.
Asked if he had plans to fire Powell, Trump said, “No, I don’t.”
Powell, whose term ends in 2026, told reporters last month he would not step down from his position if Trump asked. Powell added that it is “not permitted under the law” for the president to fire or demote him or any of the other Fed governors with leadership positions.
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Trump appointed Powell during his first term in 2017 but repeatedly and publicly criticized the Fed and its chair for not cutting interest rates fast enough throughout his tenure.
Trump suggested earlier this year that Powell, a lifelong Republican, was “political” and would cut rates ahead of the 2024 election to help Democrats. While the Fed did cut rates in September by a whopping 50 basis points, Trump handily defeated Vice President Harris in November’s election.
The Fed is a politically independent agency and closely guards its reputation. Trump has previously suggested the president should be able to weigh in on how the Fed approaches rate cuts, even if the central bank does not listen.
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