{"id":130,"date":"2024-11-11T07:18:05","date_gmt":"2024-11-11T07:18:05","guid":{"rendered":"https:\/\/bluelightnews.com\/feds-powell-says-trump-cant-fire-him-not-permitted-under-the-law\/"},"modified":"2024-11-11T13:40:02","modified_gmt":"2024-11-11T13:40:02","slug":"feds-powell-says-trump-cant-fire-him-not-permitted-under-the-law","status":"publish","type":"post","link":"https:\/\/bluelightnews.com\/category\/politics\/feds-powell-says-trump-cant-fire-him-not-permitted-under-the-law\/","title":{"rendered":"
Fed’s Powell says Trump can’t fire him; `Not permitted under the law’<\/div>"},"content":{"rendered":"
\n

Federal Reserve Chair Jerome Powell had a simple response Thursday as to whether he would leave his post if President-elect Donald Trump asked him to.<\/p>\n

\u201cNo.\u201d<\/p>\n

Powell, speaking to reporters after Fed policymakers cut interest rates again, tried during his press conference to avoid the political fray. Still, he made clear that he\u2019s not going anywhere. He declared that it\u2019s \u201cnot permitted under the law\u201d for presidents to remove members of the independent central bank.<\/p>\n

Despite years of criticism of the Fed chief, the once and future president said over the summer<\/a> that he would let Powell finish out his term, which doesn\u2019t end until mid-2026 \u2014 \u201cespecially if I thought he was doing the right thing.\u201d But close advisers to Trump \u2014 who once questioned whether Powell was a \u201cbigger enemy\u201d to the U.S. than China\u2019s Xi Jinping \u2014 have suggested the Fed chief should simply resign.<\/p>\n

Trump, who says he believes the president should have a say in monetary policy, has made no secret of his preference for low interest rates and will likely resume his previous habit of tweeting barbs at the Fed chief if he thinks borrowing costs are too high. He explored the question of whether he could fire Powell during his first term, a prospect that added to market turmoil at the time.<\/p>\n

The Fed lowered rates again on Thursday, as expected, but the timing for future cuts is less clear \u2014 in part because Trump\u2019s policies could alter the economy\u2019s trajectory. Bond investors pushed up yields on Wednesday as they weighed the possibility that higher tariffs and fewer immigrant workers could stoke inflation.<\/p>\n

Powell told reporters that Fed officials always take policies \u2014 both from the executive branch and Congress \u2014 into account if they affect the economy, but \u201cwe don\u2019t know what the timing and substance of any policy changes will be,\u201d he said. \u201cWe therefore don’t know what the effects on the economy would be.\u201d<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Federal Reserve Chair Jerome Powell had a simple response Thursday as to whether he would leave his post if President-elect Donald Trump asked him to. \u201cNo.\u201d Powell, speaking to reporters after Fed policymakers cut interest rates again, tried during his press conference to avoid the political fray. Still, he made clear that he\u2019s not going […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-130","post","type-post","status-publish","format-standard","hentry","category-congress"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/130","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/comments?post=130"}],"version-history":[{"count":1,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/130\/revisions"}],"predecessor-version":[{"id":961,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/posts\/130\/revisions\/961"}],"wp:attachment":[{"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/media?parent=130"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/categories?post=130"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bluelightnews.com\/category\/politics\/wp-json\/wp\/v2\/tags?post=130"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}