🇺🇸 🚨💼 Federal Reserve Chair Jerome Powell confirms he's staying put! 💪 Despite pressure from the White House, Powell's committed to serving out his term until May 2026. 📆 Independence of the Fed reinforced!
Federal Reserve Chair Jerome Powell has confirmed he will not resign from his position despite pressure from the White House, particularly from President Donald Trump. Powell's term is set to end in May 2026, and he has expressed commitment to serving out the remainder of his term.
Key Points:
Powell's Stance: Powell has told close allies and associates he plans to stay in his position, emphasizing the importance of maintaining the Federal Reserve's independence.
Trump's Pressure: Trump has repeatedly called for Powell's resignation, criticizing the Fed's decision not to slash interest rates. Trump even went as far as saying Powell "must resign" and compared the growing pressure to step down to "boiling a frog".
US Treasury Secretary's View: Scott Bessent, US Treasury Secretary, noted there's no reason for Powell to step down immediately, suggesting he should complete his full term if he chooses to.
Fed's Independence: Powell's decision to stay reinforces the Fed's independence, which is crucial for its monetary policy decisions. The Fed chair has emphasized that the president does not have the legal power to fire or demote him.
It's worth noting a fake resignation letter surfaced online, but it was debunked as AIgenerated, and Powell remains in his position as of July 23, 2025.