Fed's Powell plans to serve entire term, despite Trump
ROUGH CUT (NO REPORTER NARRATION) Federal Reserve Chair Jerome Powell says 'the law is clear' and that he fully intends to serve his 4-year term amid reports that President Trump was looking into demoting Powell.
"At the Fed, we're deeply committed to carrying out our mission and our independence from direct political control, we see as an important institutional feature that has served both the economy and the country well," said Powell on Wednesday at a news conference following the central bank's decision to leave interest rates unchanged for now.
A Bloomberg report cited Trump believed that he has the authority to replace Powell and demote him to be a board governor, but is not planning to do so presently.
Trump is pressuring the Fed to reduce rates, saying in October that the central bank had "gone crazy" under Powell.