President-elect Donald Trump has sent mixed signals for years on whether he would fire or demote Jerome Powell. But Powell made it clear Thursday that he won’t be going anywhere even if Trump tried.

Summary

Federal Reserve Chair Jerome Powell asserts that he cannot be fired by President-elect Donald Trump, citing legal protections under the Federal Reserve Act.

Trump has previously expressed his desire to remove Powell, but legal experts argue that a policy disagreement would not constitute “for cause” removal.

  • Rapidcreek@lemmy.world
    33·
    6 days ago

    It’s basically unheard of to order a Fed Chair to resign. Trump might as well ask all the Democratic appointees on SCOTUS to resign. Difference is, Powell is due to leave in May 2026, and Trump would be really stupid to try and force an early departure. Just end up with egg on his face. It will be Trump’s to loot in 2026 in any case,