Jerome Powell, Chairman of the Federal Reserve, has said that he would not resign even if President Donald Trump asked. In the past few months, president Trump has repeatedly criticized Powell and the Federal Reserve for continuing with their tightened monetary policy.
He went as far as saying in a Fox Business interview that the Fed is the “biggest threat” to the economy. The President has also asked his advisers if he can have Powell fired.
Trump hired Powell to succeed Janet Yellen in 2017. The move strayed from the norm. Chairmen often serve multiple terms. While the President appoints the Fed Chairman, the Federal Reserve remains an independent agency. The President cannot fire the Chairman over policy disagreements. Doing so can send markets into a tailspin.