Fed Chairman Jerome Powell says he won't resign if President Trump asks

Posted at 10:22 AM, Jan 04, 2019
and last updated 2019-01-04 11:22:14-05

Federal Reserve Chairman Jerome Powell says he would not resign if pressured to do so by President Donald Trump.

"No," Powell answered simply, when asked Friday morning during a panel at the annual American Economics Association conference alongside former Fed chairs Janet Yellen and Ben Bernanke.

Trump has repeatedly criticized Powell for continuing to tighten monetary policy, saying on Twitter that it's the "only problem" with the economy.

It's unclear whether presidents legally can fire Fed chairs, who they appoint for four-year terms.

Powell said Trump had not directly expressed dissatisfaction to him.

Powell added that he has no meeting scheduled with Trump. White House aides had floated the idea of inviting the former investment banker to sit with the President in person to allay Trump's concerns.

"Meetings between presidents and fed chairs do happen, but nothing's been scheduled," Powell told moderator Neil Irwin, an economics reporter for the New York Times.