Unlike Nigeria's Emefiele, US Central Bank Boss Says Trump Can't Sack Him, Gives Reason
- Federal Reserve Chair Jerome Powell stated Trump cannot legally remove him, affirming he will remain until his term ends in 2026
- Powell clarified the Fed's independence from executive control during a press conference, responding to concerns over potential political influence
- Amid Trump's 2024 run, Powell emphasized the Fed's focus on stability and employment, resisting political pressures
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In a bold statement on Thursday, November 7, Jerome Powell, Chairman of the United States Federal Reserve, shot down speculation about his position in light of Donald Trump’s impending return to power.
The Federal Reserve chief, appointed by Trump in 2017, responded firmly to questions regarding the potential for his removal.
Source: Getty Images
Powell made it clear that no one, including Trump, can sack him from his role before his term ends in 2026.
Powell made his stand known in response to media inquiries during a press conference where the Federal Reserve announced a reduction in borrowing costs.
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His words:
“I will not step down if asked. It is not permitted under law for the White House to force me out.”
Powell’s remarks come amid growing concerns that Trump, once critical of Powell, may try to assert more control over the central bank if he wins re-election in 2024.
During his first term, Trump frequently criticized Powell’s decisions, especially the Fed’s interest rate hikes.
The former president even pondered whether he had the authority to dismiss Powell, calling Federal Reserve officials “boneheads” in tweets.
As reported by BBC, the Federal Reserve operates independently from the executive branch, and attempts to remove him or influence monetary policy are constrained by law.
Despite Trump’s repeated verbal assaults on the Fed’s monetary policy, Powell has emphasized that the central bank remains committed to its mandate of maintaining price stability and a healthy job market, irrespective of political pressures.
While Powell is confident in the Federal Reserve’s legal protections, the central bank faces growing pressure as it attempts to navigate uncertain waters. Interest rates on U.S. debt have already spiked due to concerns about rising government borrowing in the face of Trump’s policies.
US Election 2024: President-Elect Donald Trump appoints new CoS
Earlier, Legit.ng reported that President-elect Donald J. Trump announced Susie Wiles, a seasoned Florida strategist who has managed his political operations for nearly four years, as his White House chief of staff for the incoming administration.
This marked the first job announcement since Trump's election victory on Tuesday, signaling the beginning of his efforts to fill top government positions.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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