Federal Reserve Chair Jerome Powell said Thursday that he will remain in his role through the duration of his term even if incoming President-elect Trump decides to call for his resignation.
The Fed announced a 25 basis point interest rate cut on Thursday, and during the press conference following the central bank’s announcement, Powell was pressed on whether he would resign from his role if Trump pressured him to do so.
“No,” Powell said in response. A follow-up question was posed about whether Powell thinks he would be required to step down in response to such a request and again responded with a succinct, “No.”
Powell was also asked whether he believes the president has the power to fire or demote him and whether the Fed has determined the legality of demoting other Fed governors in leadership positions. “Not permitted under the law,” Powell responded.
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