Jerome Powell (Federal Reserve Chairman) says he would not resign as Fed chief if Trump asked for his resignation

[Morrison71]

https://www.cnbc.com/2024/11/07/powell-trump.html

Federal Reserve Chairman Jerome Powell said Thursday that he will not step down if President-elect Donald Trump asks for his resignation.

When asked whether he would resign if asked by Trump, the Fed chair simply said: "No." Powell subsequently told reporters that the president does not have the power to fire or demote him.

"Not permitted under the law," Powell told reporters at a press conference, after the Fed cut interest rates by a quarter percentage point.

 

[Bonerfarts]

 

[Chishawk1425]

 

[Bank of Hawk]

I’m sorry if I missed the article.. did Trump say or imply he would ask for his resignation?

 

[Morrison71]

I’m sorry if I missed the article.. did Trump say or imply he would ask for his resignation?

If Trump wanted him gone, The Supreme Court ruled Trump could kill him and it would be legal.

Why are we acting like we don’t know who Trump is the second time around?

 

[luvmyhawks]

I’m sorry if I missed the article.. did Trump say or imply he would ask for his resignation?

Not that I am aware. But he threatened to fire him in 2018.

 

[sober_teacher]

I’m sorry if I missed the article.. did Trump say or imply he would ask for his resignation?

Not sure if he said it explicitly, but he’s heavily implied I believe that he isn’t happy with Powell.

 

[Aardvark86]

https://www.cnbc.com/2024/11/07/powell-trump.html

Federal Reserve Chairman Jerome Powell said Thursday that he will not step down if President-elect Donald Trump asks for his resignation.

When asked whether he would resign if asked by Trump, the Fed chair simply said: "No." Powell subsequently told reporters that the president does not have the power to fire or demote him.

"Not permitted under the law," Powell told reporters at a press conference, after the Fed cut interest rates by a quarter percentage point.

He is probably correct as it is written, though recent appointments clause jurisprudence might raise some issues.

Either way, he is right to defend the fed's independence. Waller, whose name has been out there as well, has similar inclinations.

 

[OutbackBowl2017]

Sounds like the art of the deal in trying to negotiate a severance package before Orange man takes office. I’d like to work in the administration just to sit in his meetings and hear what idiotic things he had to say, crack up laughing, get up and walk out. It’s going to be a shiat show.

Only question I have is when does buyers remorse set in?

 

[pepsicock]

 

[luvmyhawks]

Sounds like the art of the deal in trying to negotiate a severance package before Orange man takes office. I’d like to work in the administration just to sit in his meetings and hear what idiotic things he had to say, crack up laughing, get up and walk out. It’s going to be a shiat show.

Only question I have is when does buyers remorse set in?

For some, probably yesterday.

 

[Finance85]

https://www.cnbc.com/2024/11/07/powell-trump.html

Federal Reserve Chairman Jerome Powell said Thursday that he will not step down if President-elect Donald Trump asks for his resignation.

When asked whether he would resign if asked by Trump, the Fed chair simply said: "No." Powell subsequently told reporters that the president does not have the power to fire or demote him.

"Not permitted under the law," Powell told reporters at a press conference, after the Fed cut interest rates by a quarter percentage point.

Who asked the question?

 

[mnole03]

Who asked the question?

Someone who paid attention the last time Trump took office?

 

[Pinehawk]

Remember, Trump was very upset with Powell during his last term because Powell wouldn't cut interest rates into negative territory like he wanted:

9/11/19:
"WASHINGTON (Reuters) - U.S. President Donald Trump on Wednesday called on the "boneheads" at the Federal Reserve to push interest rates down into negative territory, a move reluctantly used by other world central banks to battle weak economic growth that risks punishing savers and banks' earnings in the process.

The president's comments precede a week in which the world's major central banks, including the Fed, are expected to lower rates or otherwise loosen monetary policy in what is widely seen as a move to protect the global economy against risks partly rising from Trump's trade war with China.

While perhaps appropriate in "recessionary" conditions, zero or negative rates in a growing economy with record-low unemployment "may ultimately create the next financial crisis - people taking on more risk than they would otherwise because money is even cheaper," said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia."

https://www.reuters.com/article/bus...ative-rates-from-fed-boneheads-idUSKCN1VW1CI/

 

[jonesy5960]

Not sure if he said it explicitly, but he’s heavily implied I believe that he isn’t happy with Powell.

It depends. The Narcissist in chief has no opinion on Powell or policy for that matter. As it is with everything else, it is literally all about him and whether it would help him get elected. He was mad because Powell signalled a rate cut which Trump saw as hurting his chances. He will likely be pressuring Powell for more rate cuts if he now sees it as helping him politically.

 

[Pinehawk]

Not sure if he said it explicitly, but he’s heavily implied I believe that he isn’t happy with Powell.

Oh, he has said it fairly explicitly...

"Powell was a frequent target of Trump’s ire during his first term as president, as the Fed embarked on a cycle of interest-rate increases. In August 2019, at the height of U.S.-China trade tensions, the president asked on Twitter, now called X, “Who is our bigger enemy, Jay Powell or Chairman Xi?”

https://www.barrons.com/articles/trump-powell-fed-rate-cuts-election-125e8255