Trump confirms no plans to replace Fed chair Powell
Donald Trump does not plan to replace Jerome Powell as the chairman of the Fed after his inauguration as President and his return to the White House. "No, I don’t think so. I don’t see it," said the president-elect on Sunday on NBC television.
During the presidential campaign, Trump frequently discussed the U.S. monetary policy, suggesting that he would like to have an influence on it. However, the Federal Reserve is an independent body, and its chairman, Jerome Powell, does not intend to yield to political pressures.
Trump wants to influence monetary policy
According to Bloomberg, citing Trump's comments on NBC television, the president-elect does not plan to replace Jerome Powell as the chairman of the Fed when he moves into the White House after his inauguration in January next year.
– No, I don’t think so. I don’t see it – Trump stated on the morning program Meet the Press on NBC.
Powell, whose term as chairman of the Federal Reserve ends in May 2026, mentioned last month that he would not step down early if Trump asked him to resign.
– I think if I told him to, he would – said Trump on Sunday on NBC, in his first television interview since winning the election in the United States in November this year. – But if I asked him to, he probably wouldn’t. But if I told him to, he would – added Trump.
Powell defends independence
A few days before the election, Powell made it clear that he is prepared to defend the independence of the Federal Reserve against political pressures, emphasizing that the new president does not have the authority to dismiss him or other high-ranking Federal Reserve officials.
A Fed spokesperson declined to comment on Trump's recent statements, according to Bloomberg.
At a press conference on November 7, Powell mentioned that he does not anticipate tensions with the new administration. When asked if he would leave his position if Trump asked him to do so, he replied "no."
