Official announcements from the Federal Reserve or statements from the President's office

Trump Won't Seek Powell's Removal as Fed Chair, Acknowledges Legal Constraints

Dec 8, 2024, 02:52 PM

President-elect Donald Trump has stated that he has no plans to replace Federal Reserve Chair Jerome Powell before his term expires in May 2026. In an interview with NBC's "Meet the Press," Trump affirmed that he does not intend to ask Powell to step down, saying, "I don't see it." This addresses speculations about potential changes in the Fed's leadership during the upcoming administration. Powell has expressed that he is "not concerned" about the central bank losing its independence and is confident he cannot be legally replaced. He also stated he is confident about maintaining a good relationship with the president-elect's pick for Treasury secretary.