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President-elect Trump said in an interview that aired this past weekend he doesn’t plan to try to remove Federal Reserve Chair Jerome Powell from his post before his term leading the central bank concludes.
During an appearance on NBC News’ “Meet the Press,” host Kristen Welker asked Trump whether he plans to try to fire Powell, who 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 it. But I don’t – 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.”
Welker asked the president-elect if he doesn’t have plans to do that right now, and Trump replied, “No, I don’t.”
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President-elect Trump said in a weekend interview that he won’t try to fire Federal Reserve Chair 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 “bonehead.”
He renewed that criticism of Powell during his presidential campaign this year.
“I think he’s political. I think he’s going to do something to probably 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 wouldn’t reappoint Powell to the role, “He did miss [on inflation], he did miss … I would have a couple of choices. I can’t tell you now.”
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Then-President Trump is shown after announcing Jerome Powell, right, as the nominee for Federal Reserve chair on Nov. 2, 2017. (SAUL LOEB/AFP via Getty Images)
In June, Trump said in an interview that he wouldn’t fire Powell if he were to win the 2024 election and would allow him to serve out his term.
“I would let him serve it out, especially if I thought he was doing the right thing,” Trump told Bloomberg News at the time.
Powell’s term as the Federal Reserve chair ends in May 2026, while his position on the Fed’s Board of Governors continues until 2028.
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Fed Chair Jerome Powell has said he would remain in his role if President-elect Trump were to urge 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-basis-point interest rate cut on the heels of the election, and he was pressed on whether he would resign if Trump called for him to step down.
“No,” Powell said in response. A follow-up question asked whether Powell thought he would be required to step down in response to such a request, and he again responded with a succinct “No.”
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Powell was also asked whether he believed the president has the power to fire or demote him and whether the Fed had determined the legality of demoting other Fed governors in leadership positions.
“Not permitted under the law,” Powell said.
