Federal Reserve Chair Jerome Powell made it clear he won’t step down if President-elect Donald Trump asks him to resign, even though Trump has criticized him in the past. At a press conference on Thursday, Powell answered “No” when asked directly if he’d leave if Trump requested it.
Powell explained that, by law, the president can’t fire or demote the Fed chair. The Federal Reserve’s role is to make economic decisions based on data, not on political influence. This independence means that even though the president can voice opinions, the Fed chair makes decisions that are best for the economy.
Trump has previously expressed frustration with Powell’s decisions, saying he feels he has “better instincts” than the Fed chair and that the president should have more say in the Fed’s choices. In fact, Trump had appointed Powell as Fed chair in 2017, and President Biden reappointed him in 2021. Powell’s current term will end in May 2026.
At the same press conference, Powell didn’t comment on the recent election, where Trump defeated Vice President Kamala Harris. He said the Fed’s decisions will continue to be based on economic data, not politics, and it’s too soon to know what policies or tax changes a second Trump term might bring. He explained that many of Trump’s ideas, such as tax cuts, would still need approval from Congress.
Powell summed it up by saying, “We don’t guess, we don’t speculate, and we don’t assume.” His focus, he added, is on the economy, no matter who’s in the White House.
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