Powell will not resign even if Trump asks him to

Jakarta –

Federal Reserve Chairman Jerome Powell said he would not resign even if the President of the United States (US) Donald Trump asked him to.

Quoted from CNN, Powell said that the president did not have the authority to remove Powell from his position. “It is not allowed by law,” he was quoted as saying by CNN, Sunday (10/11/2024).

For your information, Powell has been the Chairman of the Fed since 2018 and replaced Janet Yellen who was the Treasury Secretary during the time of President Joe Biden.

In addition to the news of Powell’s dismissal, the Fed is expected to cut interest rates in the coming months while warning that Trump’s plans for tax cuts, immigration policies and import tariffs to put pressure on inflation and increase government borrowing that could make these predictions worse. hard to come true.

Powell said it was too early to know what effect the new administration’s agenda would have on the US economy or how the Fed would react.

“This is still at an early stage, we don’t know what the policy is and we don’t know when the policy will be implemented. In the short term, the election will not affect the our policy decisions,” Powell said.

For your information, Powell will remain the head of the Fed until 2026 after he was selected by Trump as the Governor of the Fed in February 2018. In this regard, Trump appeared to have different views on several occasions with Powell , and often even in danger. shoot Powell.

Several names have emerged that are expected to replace Powell, such as Kevin Warsh, head of the Fed during Trump’s first term, and Kevin Hasset, who was Trump’s chief economist.

(clay/clay)