Donald Trump legally does not have the capacity to fire him, assured Jerome Powell.
Jerome Powell in Washington, USA, on November 7, 2024. (GETTY IMAGES NORTH AMERICA/KENT NISHIMURA)
“No”, the Chairman of the Federal Reserve (Fed), Jerome Powell, will not resign, even if President-elect Donald Trump asked him to do so, he assured Thursday, November 7, stressing that the President of the United States does not have the legal capacity to remove him from his mandate.
“No”, simply replied Jérome Powell, whose mandate ends in 2026, to the question of whether he would leave if the president-elect made a request to this effect. “No,” he repeated when asked
if he thought he was legally obliged to leave in such a scenario.
The Republican billionaire has repeatedly attacked the president of the Fed, whom he had appointed to this position during his first term, accusing him in particular of seeking to favor Kamala Harris, the unsuccessful Democratic candidate, through his decisions. , and implying that he would replace him if he was elected again. However, he revised his remarks, subsequently ensuring that he would let Jerome Powell complete his mandate.
Appointed by Donald Trump in 2018
Donald Trump legally does not have the ability to fire him
nor even any of the members of the college of governors of the Fed, assured the president of the institution. The Republican also stressed that he considered it normal that he could have a say on the monetary policy of the Fed,
theoretically independent of political power
judging that his success in the business world made him credible on this type of subject.
Jerome Powell's term as president of the Fed runs until May 2026 and he will also remain a member of the institution's board of governors until the end of January 2028.
Fed governors are appointed for a 14-year term, and the president of the institution for a four-year term. Jerome Powell was appointed head of the Fed in 2018 by Donald Trump and chosen in 2022 by his successor, Joe Biden to remain at the head of the institution for another four years.
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