Trump affirms no plans to oust FED chair Powell
Donald Trump does not intend to replace Jerome Powell as the Chair of the Federal Reserve upon his inauguration and return to the White House. "No, I don’t think so. I don’t see it," the president-elect stated on Sunday during a televised broadcast on NBC.
Throughout the presidential campaign, Donald Trump frequently commented on the monetary policy of the United States, indicating his desire to exert some influence over it. The challenge lies in the fact that the Federal Reserve is an independent body, and its Chair, Jerome Powell, has no intention of succumbing to political pressure.
Trump wants to influence monetary policy
According to Bloomberg, citing Donald Trump's interview on NBC, the president-elect does not plan to replace Jerome Powell as Chair of the Fed with anyone else once he takes up residence in the White House following his inauguration in January next year.
"No, I don’t think so. I don’t see it," Trump reiterated on NBC's morning programme "Meet the Press".
Powell, whose term as Chair of the Federal Reserve expires in May 2026, informed reporters last month that he has no intention of resigning early, even if Trump were to request it.
"I think if I told him to, he would," Trump commented on Sunday on NBC, in his first television interview since winning the US elections in November this year. "But if I asked him to, he probably wouldn’t. But if I told him to, he would," Trump added.
Powell defends independence
Just days before the elections, Powell asserted his readiness to defend the Federal Reserve's independence against political pressure, stressing that the new president lacks the authority to dismiss him or other senior officials of the Federal Reserve.
A spokesperson for the Federal Reserve declined to comment on Trump's recent statements, according to Bloomberg's request.
At a press conference on 7 November, Powell remarked that he does not foresee any tensions with the new administration. When asked whether he would vacate his position if Trump requested it, his response was a straightforward "no."
