---
title: "Powell Says He Won’t Step Down as Fed Chair If Asked by Trump"
description: "Federal Reserve Chair Jerome Powell said he would not leave his post if asked by President-Elect Donald Trump."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Newsdeck"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2024-11-07-powell-says-he-wont-step-down-as-fed-chair-if-asked-by-trump/"
published: "2024-11-07T22:43:52"
updated: "2024-11-07T22:43:54"
lang: "en-ZA"
word_count: 143
---

# Powell Says He Won’t Step Down as Fed Chair If Asked by Trump

> Federal Reserve Chair Jerome Powell said he would not leave his post if asked by President-Elect Donald Trump.

By Bloomberg · Published 8 November 2024, 00:43 SAST · Updated 8 November 2024, 00:43 SAST

## Key points
- In a masterclass of political defiance, Fed Chair Jerome Powell firmly quashed any hopes of a Trumpian shake-up at the central bank, declaring he wouldn't resign even if asked, while simultaneously reminding everyone that the president's power to demote him is as nonexistent as a unicorn at a Wall Street gala.
- Fed Chair Jerome Powell firmly stated he would not resign if asked by Trump, asserting his independence.
- When questioned about legal obligations, Powell reiterated he is not required to leave his position.
- Powell clarified that the president does not have the authority to fire or demote Fed governors at will.
- The comments came after the Fed's unanimous decision to lower the federal funds rate to 4.5%-4.75%.

## Content

A reporter at the Fed’s post-meeting press conference said that some of Trump’s advisers have suggested that Powell resign, and asked the chair if he’d leave if Trump asked him to. Powell simply replied, “No.”

The reporter followed up and asked if Powell thinks he’s legally not required to leave, to which he also answered, “No.”

Another journalist later asked if the president has the power to fire or demote him, and has the Fed determined the legality of a president demoting at will any of the other governors with leadership positions.

The Fed chair answered, “Not permitted under the law.” And when asked to repeat, Powell gave the same response again.

Powell spoke Thursday after central bank officials voted unanimously to lower the federal funds rate to a range of 4.5% to 4.75%. The adjustment follows a larger, half-point cut in September.