Federal Reserve policy announcements or credible reports from financial news outlets

Fed Chair Powell Says He Won't Resign If Trump Asks, Asserts President Can't Remove Him

Nov 7, 2024, 08:15 PM

Federal Reserve Chair Jerome Powell stated that he would not resign if President-elect Donald Trump asked him to step down. During a press conference, Powell was asked, "If he asked you to leave, would you go?" to which he firmly replied, "No." When pressed further on whether he believes he is legally required to leave if asked, Powell again responded, "No." He emphasized that the President does not have the authority to fire or demote him under the Federal Reserve Act. Powell's remarks highlight the importance of the Federal Reserve's independence amid suggestions from some of Trump's advisers that he should resign.