This revelation came during an exclusive interview with Kristen Welker, the moderator of "Meet the Press."
According to CNBC, when Welker inquired whether Trump planned to prematurely end the central bank chief's term, Trump responded with a simple, "I don't." The conversation took place at Trump Tower in New York City, where Welker further probed, "The chairman of the Federal Reserve, Jerome Powell, said he will not leave his post even if you ask him to. Will you try to replace Jerome Powell?" Trump's response remained consistent, "No, I don't think so. I don't see it."
Trump, who appointed Powell, a Republican and former private equity executive, as chairman of the Board of Governors of the Federal Reserve System in February 2018, has had a tumultuous relationship with him. The two have clashed on numerous occasions, particularly over interest rates, with Trump even suggesting Powell's removal at one point. Despite these conflicts, President Joe Biden reappointed Powell for a second four-year term in 2022.
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Powell has remained steadfast in his position, responding with a firm "no" to recent queries about whether he would vacate his post early to allow Trump to select a replacement sooner. He has also expressed his belief that Trump does not have the authority to dismiss him, stating, "Not permitted under the law," at a post-election news conference.
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As Trump prepares to return to office, the dynamic between him and Powell is expected to be under intense scrutiny. Trump has previously criticized Powell for not acting swiftly enough to relax monetary policy during his first term. He also took a swipe at Powell in March 2020, at the onset of the pandemic, asserting his "right to remove" Powell from the post and lambasting what he perceived as "a lot of bad decisions, in my opinion."
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Trump has recently suggested that the president should have the ability to influence interest rate decisions, which are typically determined by the Fed. He told Bloomberg News at the Economic Club of Chicago in October, "I don't think I should be allowed to order it, but I think I have the right to put in comments as to whether the interest rates should go up or down."
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In a rather candid remark about Powell's role, Trump said, "You show up to the office once a month, and you say, 'Let's flip a coin,' and everybody talks about you like you're a god." This statement underscores the immense responsibility and influence that comes with the position of Federal Reserve Chair, a role that, for now, remains securely in the hands of Jerome Powell.
