Federal Reserve Chairman Jerome Powell stated he would not resign if President-elect Donald Trump requested his resignation, saying it's not permitted by the law. He asserted that the president lacks the authority to fire or demote him. Powell’s comments followed the Fed’s decision to cut interest rates by a quarter percentage point. Trump appointed Powell in 2017 and criticized him for not reducing interest rates fast enough during his first presidential term. Trump stated that while he shouldn’t control interest rates, he believes he has the right to give input on whether they should rise or fall.
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00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Federal Reserve Chairman Jerome Powell stated he would not resign if President-elect Donald
00:07Trump requested his resignation, saying it's not permitted by the law.
00:10He asserted that the president lacks the authority to fire or demote him.
00:14Powell's comments followed the Fed's decision to cut interest rates by a quarter percentage point.
00:19Trump appointed Powell in 2017 and criticized him for not reducing interest rates fast enough
00:25during his first presidential term. Trump stated that while he should control interest rates,
00:29he believes he has the right to give input on whether they should rise or fall.
00:33For all things money, visit Benzinga.com slash GSTV.