Federal Reserve chair Jerome Powell on Thursday said he wouldn’t resign from his role even if President-elect Donald Trump requested he do so, suggesting the move would be illegal.
During a press conference with reporters after the Fed’s decision to cut interest rates by 0.25%, Powell was asked to weigh into reports that Trump’s advisers have claimed he should give up his post.
“If he asked you to leave, would you go?” a reporter asked.
“No,” Powell replied.
Powell suggested that it would be illegal for Trump to dismiss him or any of the other people who sit on the Fed’s Board of Governors.
“Not permitted under the law,” he said.
The chairman of the central bank also refused to speculate about the potential impact of policies Trump has floated as part of his economic agenda in a second term, which include tariffs and tax cuts, among other things.
“In the near term, the election will have no effects on our policy decisions,” he said. “We don’t know what the…