President Donald Trump Says “no intention” to Fire Fed Chief
President Donald Trump said he has “no intention” of firing Federal Reserve Chair Jerome Powell before his term
Quick overview
- President Trump stated he has 'no intention' of firing Federal Reserve Chair Jerome Powell before his term ends next year.
- This marks a significant change in Trump's stance, as he had previously hinted at the possibility of Powell's removal.
- Trump has been pressuring Powell to cut interest rates to stimulate economic growth, labeling him a 'major loser.'
- Despite Trump's criticisms, Powell's position as Fed chair is secure until May 2026, as he cannot be removed by the president under the law.
President Donald Trump said he has “no intention” of firing Federal Reserve Chair Jerome Powell before his term as head of the U.S. central bank ends next year.
“None whatsoever,” Trump said in the Oval Office when asked to clarify that he did not seek Powell’s removal. “Never did.”
The comment represents a dramatic shift for Trump, who has recently ramped up his rhetoric against Powell and declined to rule out the possibility of firing him.
Trump, who has heaped pressure on the Fed chair to cut interest rates in hopes of goosing economic growth, said last week of Powell, “If I want him out of there, he’ll be out real fast.”
White House economic adviser Kevin Hassett said Friday that Trump and his aides were actively studying the possibility of firing Powell.
Powell, whom Trump appointed during his first term as president, will serve as Fed chair until May 2026.
He stated that the president cannot remove him under the law.
Trump fired off his most incendiary criticism of Powell, calling him a “major loser” and urging him to lower rates.
When asked on Tuesday afternoon about the prospect of firing Powell, Trump said, “The press runs away with things.”
“No, I have no intention of firing him,” Trump told reporters after a ceremony swearing in Paul Atkins as chairman of the U.S. Securities and Exchange Commission.
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