US Federal Reserve Chairman Jerome Powell said during the annual meeting of the American Economic Association in Atlanta on Friday that he would not leave his post if President Donald Trump asks him to resign.
WASHINGTON (Pakistan Point News / Sputnik - 04th January, 2019) US Federal Reserve Chairman Jerome Powell said during the annual meeting of the American Economic Association in Atlanta on Friday that he would not leave his post if President Donald Trump asks him to resign.When asked whether he would comply with a resignation request by Trump, Powell said, "No."
The question about Powell's possible departure arose after Trump expressed disagreement with the Federal Reserve's monetary policy to increase interest rates, and the chairman's work overall.
Trump appointed Powell to lead the Federal Reserve and cannot intervene in its work, but has made his displeasure known in the recent months with interest rate increases.
US media reported that Trump has been asking his advisers whether he could remove Powell from the post. White House Acting Chief of Staff Mick Mulvaney denied the reports saying that it was not uncommon for a president to complain about the actions of the Federal Reserve and that Trump recognizes he has no ability to fire its chairman.
Powell told the panel in Atlanta that he has not received any communications from the White House so far and has not scheduled a meeting with Trump.
On December 19, the Federal Reserve increased the interest rate for the fourth time in 2018 - from 2.25 percent to 2.5 percent. The Federal Reserve also indicated that it would press ahead with plans for more interest rate hikes in 2019.
