Fed’s Jerome Powell says he would not step down if Trump asked for his resignation: ‘Not permitted’

Federal Reserve Chairman Jerome Powell said Thursday that he would not step down from his position if President-elect Donald Trump asked for his resignation. 

When asked by reporters if he would resign per Trump’s request, Powell simply said: “No.”

“Not permitted under the law,” Powell said during a press conference after the Fed cut interest rates by a quarter point two days after former president Donald Trump’s victory over Vice President Kamala Harris.

Though Trump appointed Powell in 2017, he repeatedly slammed the chairman and the central bank during his administration for not easing monetary policies quick enough.

During his presidency, he called Powell and his Fed colleagues “boneheads” for not slashing interest rates.

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