CandleFocus President Trump says he never wanted to kick Jerome Powell out of the Federal Reserve
2024-12-09
Author: Content Editor
President-elect Donald Trump has put an end to speculation that he would remove Jerome Powell from his position as Federal Reserve Chair. Trump had previously expressed a desire to take over the central bank and have more control over the economy. However, in an interview on NBC's Meet the Press, Trump stated that he would not fire Powell. Powell has also made it clear that he will not step down if asked and that the president does not have the authority to fire him or other senior Fed leaders. Trump's frustration with Powell stems from the Federal Reserve's interest rate hikes during his first term, which Trump believed slowed economic growth. However, Powell has said that he does not anticipate new tensions with Trump's administration. Trump will have the opportunity to appoint new members to the Fed Board during his next term, but his influence on monetary policy is limited due to the central bank's decentralized structure. Despite the challenges, the Federal Reserve has maintained its independence for over a century.
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