Trump Appears Set To Keep Fed Chair Jerome Powell On Until His Term Ends in 2026: Report
Donald Trump reportedly appears to have no problem with Federal Reserve Chair Jerome Powell serving the remainder of his term until May 2026.
Trump appointed Powell during his first term but the two clashed several times leading to the then 45th US president threatening to remove the Fed Chair from office.
Powell kept his post though and was reappointed to a second four-year term by President Joe Biden in 2022.
Citing a senior adviser to Trump who requested anonymity, CNN reports that the president-elect will likely allow Powell to keep his role once he returns to the White House.
The adviser says that Trump could always change his mind, but Trump and his economic team’s present view is to keep Powell in charge of the central bank as it pursues a policy of cutting interest rates.
Trump also said in an interview with Bloomberg in July that he will have Powell keep his role at least until 2026.
Powell also wants to keep his job. In a press conference on Thursday, Powell answered “no” when asked if he would leave his post before his term expires if Trump asked him to. He said that Trump can not fire him.
“Not permitted under the law.”
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