Jerome Powell 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.