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8/11/2024–|Last updated: 11/8/202412:53 AM (Mecca time)
said the head Federal Reserve (US Central Bank) Jerome Powell He would not resign from his position if the president-elect asked him to Donald Trump This, indicating that this is beyond the powers of the American President.
This comes amid speculation that Trump – returning to the White House – will attempt to oust Powell, with whom his relationship was tense during his first term (2016-2020).
Powell was asked – in a press conference on Thursday following the bank's policy committee meeting – if he would resign if the president-elect asked him to do so, and he said, “No.”
Then he was asked again whether the law required him to step down from his position in that case, and he said, “No.”
Powell's term as head of the central bank ends in May 2026.
Powell explained that the law does not authorize the US President to dismiss him or any other official in a leadership position at the bank or reduce their positions before the end of their legal term.
On the other hand, CNN quoted on Thursday a senior advisor to the president-elect that Trump would likely allow the head of the central bank to complete his term.
Trump appointed Powell to his position in 2017, but then publicly and repeatedly criticized the central bank and its head for not lowering interest rates quickly enough.
