Federal Reserve Chairman Jerome Powell said Friday he would not resign from the central bank if President Trump asked him to step down.
In a public interview at an economics conference, Powell said “no” when asked if he would leave the Fed if Trump sought to replace him. The chairman also said he hadn’t received any direct communication from the president or White House, but stressed that the Fed would not be influenced by politics.
“People should know the Fed has a very strong culture around nonpolitical activity,” said Powell in a joint interview with his predecessors, Ben Bernanke and Janet Yellen.
“It’s very much in the DNA of anyone who has spent any time at the Fed.”
Trump has blasted Powell and the Fed for gradually raising interest rates throughout his first two years in office. The president has reportedly mulled firing or replacing Powell, though it’s unclear if he has the power to do that. – READ MORE